The Determinants Of Equity Based Compensation: A Bidimensional Validity Of The Agency Theory

Previous studies have tried to make a comparative analysis between the market-oriented system and the mixed governance system on the determinants of stock option awards for managers; however, these studies exhibit some failures that must be overcome. In addition, we note the absence of studies addressing the validity of the agency theory on the determinants of equity-based compensation in times of instability or crisis. We used a sample of 159 French companies and 203 US companies for the period spanning 2002 to 2010. The results of the present study support the conclusion that the variables measuring the size of the firm, growth opportunity, debt, management and control functions, size of the board, and ownership concentration explain the decision to grant equity-based compensation, regardless of the sample and period considered. Using a variable representing the presence of institutional investors, we show that this type of investor is only involved in controlling the leader in the French case, during a period of financial instability

An Heterogeneous Population-Based Genetic Algorithm for Data Clustering

As a primary data mining method for knowledge discovery, clustering is a technique of classifying a dataset into groups of similar objects. The most popular method for data clustering K-means suffers from the drawbacks of requiring the number of clusters and their initial centers, which should be provided by the user. In the literature, several methods have proposed in a form of k-means variants, genetic algorithms, or combinations between them  for calculating the number of clusters and finding proper clusters centers. However, none of these solutions has provided satisfactory results and determining the number of clusters and the initial centers are still the main challenge in clustering processes. In this paper we present an approach to automatically generate such parameters to achieve optimal clusters using a modified genetic algorithm operating on varied individual structures and using a new crossover operator. Experimental results show that our modified genetic algorithm is a better efficient alternative to the existing approaches

Organizational Obstacles of Employee Innovation: A case study on Olympic complex Mohamed Boudiaf

أصبح لزاما على المؤسسات الرياضية أن تواكب التطور الديناميكي الذي تواجهه في بيئتها الخارجية المحلية والعالمية، ولا يتسنى لها ذلك إلا من خلال توظيف المنهج الإبداعي القائم على الابتكار والتجديد في تسير كل شؤونها، ونهدف من خلال دراستنا هذه  إلى تحديد المعوقات التنظيمية التي تحول بين العاملين في المركب الاولمبي وبين الإبداع في أداء مهامهم وواجباتهم الوظيفية،  ومن خلال الاطلاع عللى مختلف الأدبيات خلصنا إلى أن المعوقات التنظيمية متمحورة حول عناصر وظيفة التوجيه من قيادة ( المركزية في اتخاذ القرار، الأنظمة وإجراءات العمل، الإمكانات المتوفرة)، الاتصال(نظام الاتصالات، ضغوط العمل، العلاقات  بين الموظفين)  والتحفيز ( نظام الحوافز المتبع)، حيث توصلنا بعد تحليل النتائج إلى وجود توليفة من المعوقات خاصة بكل هذه العناصر ولكن بنسب متفاوتة يعود أغلبها إلى عنصر القيادة.    Innovation is considered one of the requirements for every organization, but fulfilling such requirement may not be available at all conditions due to the lack of suitable environment for the development and innovation process. Thus, the idea of this study emerged and represented in studying the organizational obstacles of employee innovation at the Olympic complex Mohamed boudiaf, through exploring whether or not there are obstacles for the leadership, benefits, work rules and procedures, central communication and information, empowerment, available financial and human capabilities, work stress, absence of team work, relations within the job location, existence of relations between such obstacles and the personal characteristics of employee

Earnings Management, Equity-based Compensation, Economic Conjuncture and Governance Mechanisms: A Comparative Study between France and the United States

Based on a sample of 159 French firms and 203 U.S. firms for the period extending from 2003 to 2010, generally, we find that for both cases, managers engage in earnings' management when they have a high percentage of equity-based compensation. The financial crisis was obviously important on managerial behavior and particularly on earnings management. Thus, the economic conjuncture is a new research question for equity compensation when it grants policy and earnings management. In addition, the governance mechanisms used to limit the opportunistic behavior of the manager also comes into play. Then we examine the governance mechanisms which encourage earnings management, particularly during allocation of equity compensation, where these two ideas have not been previously analyzed. We show that in contrast to a period of instability and economic recession, the manager has an incentive to earnings management to maximize his equity-based compensation during the period of economic growth. On the second point of research, we find on the one hand, that a governance mechanism which is effective in controlling earnings management that does not yield this result persists when awarding equity compensation. On the other hand, in the American case, the characteristics of the board of directors, and principally the compensation committee, and the ownership structure in the French case, can limit the opportunistic behavior of the manager during the allocation period of equity-based compensation. Keywords: Equity Compensation, Earnings Management, Economic Conjuncture, Governance Mechanisms JEL Classification: G3

Static Sorption of Phenol and 4-Nitrophenol onto Composite Geomaterials based on Montmorillonite, Activated Carbon and Cement

International audienceThis paper studies the sorption of phenol and 4-nitrophenol (4NP) onto solid sorbents derived from mixtures of montmorillonite, activated carbon (AC) and cement, denoted herein MACC. These materials are mesoporous and some of their physicochemical properties have been measured and discussed. The weight fraction X1 (%) of montmorillonite in the mixtures strongly influences the sorbate removal rate. The sorption isotherms were experimentally established by batch testing on geomaterials with various X1 values at 20 °C and at different pH values (from 3 to 8). The Langmuir model correctly fits the sorption isotherm data (R2 > 0.95). The results show increased sorption behavior for both phenol and 4NP on the composite geomaterials compared to the pure components, yielding the order: MACC > AC > montmorillonite

Poisson ratio and bulk lattice constant of (Sr 0.25 La 0.75 )CrO 3 from strained epitaxial thin films

International audienceAbout 30 nm thick (001)-oriented (Sr0.25La0.75)CrO3 (SLCO) epitaxial thin films were grown by solid-source oxide molecular beam epitaxy on four different single-crystalline cubic or pseudo-cubic (001)-oriented oxide substrates: LaAlO3, (LaAlO3)0.3(Sr2AlTaO6)0.7, SrTiO3 and DyScO3, which result in lattice mismatch ranging from-2% to +1.7%. All the films are of high-quality, flat and strained by the substrates. By assessing the evolution of the out-of-plane lattice parameter as a function of the in-plane lattice parameter of the samples, we determine both the Poisson ratio (ν = 0.32) and the bulk lattice constant (ab = 3.876 Å) of SLCO. The Poisson ratio significantly differs from LaCrO3 (ν = 0.23) and the (SrxLa1-x)CrO3 solid solution appears to obey structural Vegard's law. Since SLCO is the only one p-type transparent conductive oxide of perovskite structure and has promising thermoelectric properties, integrating SLCO in heterostructures and devices is therefore of paramount importance, which confers on our results their strong interest. Besides, the method used here can be straightforwardly applied to other complex oxides

Two-Hop Monitoring Mechanism Based on Relaxed Flow Conservation Constraints against Selective Routing Attacks in Wireless Sensor Networks

In this paper, we investigate the problem of selective routing attack in wireless sensor networks by considering a novel threat, named the upstream-node effect, which limits the accuracy of the monitoring functions in deciding whether a monitored node is legitimate or malicious. To address this limitation, we propose a one-dimensional one-class classifier, named relaxed flow conservation constraint, as an intrusion detection scheme to counter the upstream node attack. Each node uses four types of relaxed flow conservation constraints to monitor all of its neighbors. Three constraints are applied by using one-hop knowledge, and the fourth one is calculated by monitoring two-hop information. The latter is obtained by proposing two-hop energy-efficient and secure reporting scheme. We theoretically analyze the security and performance of the proposed intrusion detection method. We also show the superiority of relaxed flow conservation constraint in defending against upstream node attack compared to other schemes. The simulation results show that the proposed intrusion detection system achieves good results in terms of detection effectiveness

Outcomes of obstructed abdominal wall hernia: results from the UK national small bowel obstruction audit

Background: Abdominal wall hernia is a common surgical condition. Patients may present in an emergency with bowel obstruction, incarceration or strangulation. Small bowel obstruction (SBO) is a serious surgical condition associated with significant morbidity. The aim of this study was to describe current management and outcomes of patients with obstructed hernia in the UK as identified in the National Audit of Small Bowel Obstruction (NASBO). Methods: NASBO collated data on adults treated for SBO at 131 UK hospitals between January and March 2017. Those with obstruction due to abdominal wall hernia were included in this study. Demographics, co-morbidity, imaging, operative treatment, and in-hospital outcomes were recorded. Modelling for factors associated with mortality and complications was undertaken using Cox proportional hazards and multivariable regression modelling. Results: NASBO included 2341 patients, of whom 415 (17·7 per cent) had SBO due to hernia. Surgery was performed in 312 (75·2 per cent) of the 415 patients; small bowel resection was required in 198 (63·5 per cent) of these operations. Non-operative management was reported in 35 (54 per cent) of 65 patients with a parastomal hernia and in 34 (32·1 per cent) of 106 patients with an incisional hernia. The in-hospital mortality rate was 9·4 per cent (39 of 415), and was highest in patients with a groin hernia (11·1 per cent, 17 of 153). Complications were common, including lower respiratory tract infection in 16·3 per cent of patients with a groin hernia. Increased age was associated with an increased risk of death (hazard ratio 1·05, 95 per cent c.i. 1·01 to 1·10; P = 0·009) and complications (odds ratio 1·05, 95 per cent c.i. 1·02 to 1·09; P = 0·001). Conclusion: NASBO has highlighted poor outcomes for patients with SBO due to hernia, highlighting the need for quality improvement initiatives in this group

Postoperative outcomes in oesophagectomy with trainee involvement

BACKGROUND: The complexity of oesophageal surgery and the significant risk of morbidity necessitates that oesophagectomy is predominantly performed by a consultant surgeon, or a senior trainee under their supervision. The aim of this study was to determine the impact of trainee involvement in oesophagectomy on postoperative outcomes in an international multicentre setting. METHODS: Data from the multicentre Oesophago-Gastric Anastomosis Study Group (OGAA) cohort study were analysed, which comprised prospectively collected data from patients undergoing oesophagectomy for oesophageal cancer between April 2018 and December 2018. Procedures were grouped by the level of trainee involvement, and univariable and multivariable analyses were performed to compare patient outcomes across groups. RESULTS: Of 2232 oesophagectomies from 137 centres in 41 countries, trainees were involved in 29.1 per cent of them (n = 650), performing only the abdominal phase in 230, only the chest and/or neck phases in 130, and all phases in 315 procedures. For procedures with a chest anastomosis, those with trainee involvement had similar 90-day mortality, complication and reoperation rates to consultant-performed oesophagectomies (P = 0.451, P = 0.318, and P = 0.382, respectively), while anastomotic leak rates were significantly lower in the trainee groups (P = 0.030). Procedures with a neck anastomosis had equivalent complication, anastomotic leak, and reoperation rates (P = 0.150, P = 0.430, and P = 0.632, respectively) in trainee-involved versus consultant-performed oesophagectomies, with significantly lower 90-day mortality in the trainee groups (P = 0.005). CONCLUSION: Trainee involvement was not found to be associated with significantly inferior postoperative outcomes for selected patients undergoing oesophagectomy. The results support continued supervised trainee involvement in oesophageal cancer surgery