Wolves in the Hen-House? The Consequences of Formal CEO Involvement in the Executive Pay-Setting Process

New Zealand firms exhibit significant variation in the extent to which they formally involve CEOs in the executive pay-setting process: a considerable number sit on the compensation committee, while others are excluded from the board altogether. Using 1997-2005 data, we find that CEOs who sit on the compensation committee obtain generous annual pay rewards that have low sensitivity to poor performance shocks. By contrast, CEOs who are not board members receive pay increments that have low mean and high sensitivity to firm performance. Moreover, the greater the pay increment attributable to CEO involvement in the pay-setting process, the weaker is subsequent firm performance over one, three- and five-year periods.pay-performance sensitivity; compensation committee; CEO influence

Friends in Business: Researching the History of Quaker Involvement in Industry and Commerce

This paper is intended as an aid to those researching the history of Quaker involvement in industry and commerce, with a regional focus on Yorkshire. A selection of archives of businesses founded and run by Quakers, as well as of family and personal papers of Friends in business are surveyed here. Both the historical context and a summary of the surviving sources are given for each collection surveyed, with details of where the material is held. Examples have been chosen to represent the Quaker contribution to particular trades and industries, and in some cases, to promote collections which have recently been catalogued or are little known

Molecular Evolution in Collapsing Prestellar Cores III: Contraction of A Bonnor-Ebert Sphere

The gravitational collapse of a spherical cloud core is investigated by numerical calculations. The initial conditions of the core lie close to the critical Bonnor-Ebert sphere with a central density of \sim 10^4 cm^{-3} in one model (alpha=1.1), while gravity overwhelms pressure in the other (alpha=4.0), where alpha is the internal gravity-to-pressure ratio. The alpha=1.1 model shows reasonable agreement with the observed velocity field in prestellar cores. Molecular distributions in cores are calculated by solving a chemical reaction network that includes both gas-phase and grain-surface reactions. When the central density of the core reaches 10^5 cm^{-3}, carbon-bearing species are significantly depleted in the central region of the alpha=1.1 model, while the depletion is only marginal in the other model. The two different approaches encompass the observed variations of molecular distributions in different prestellar cores, suggesting that molecular distributions can be probes of contraction or accumulation time scales of cores. The central enhancement of the NH3/N2H+ ratio, which is observed in some prestellar cores, can be reproduced under certain conditions by adopting recently measured branching fractions for N2H+ recombination. Various molecular species, such as CH3OH and CO2, are produced by grain-surface reactions. The ice composition depends sensitively on the assumed temperature. Multi-deuterated species are included in our most recent gas-grain chemical network. The deuterated isotopomers of H3+ are useful as probes of the central regions of evolved cores, in which gas-phase species with heavy elements are strongly depleted. At 10 K, our model can reproduce the observed abundance ratio of ND3/NH3, but underestimates the isotopic ratios of deuterated to normal methanol

The measurement of caring relationships in associate degree nursing students

This study began with a mailed survey to 180 nursing educators to ascertain whether caring was a curricular component, and to identify a quantitative instrument to measure caring in nursing students. The survey did not produce a suitable instrument, but a literature search located the Professional Caring Behaviors Instrument. Caring was a curricular component in 31% of the 109 respondents\u27 programs;Caring has many meanings. Some nurses view it as affective and/or instrumental behaviors in relationships with patients. It has also been viewed as a moral basis for ethical decision making. These two views have been linked conceptually, but not empirically;Caring as a moral voice has been linked empirically with the Feeling Scale on the Myers-Briggs Type Inventory. This study investigated the relationship between three paired variables: caring moral voice, professional nurse caring, and Feeling. Instruments used to collect data were the Myers-Briggs Type Indicator, the Measure of Moral Orientation, and the Professional Caring Behaviors Instrument;The nonrandom sample consisted of 61 incoming associate degree nursing students; 93% were female, 75% were single, 60% came from small midwestern towns, all had moderate to strong religious beliefs, and the majority came into nursing for altruistic reasons. The mean age was 24, the median 21, and the mode 20;The majority of the sample (85%) preferred Feeling on the MBTI. Caring was the preferred voice in moral decision making for 93%, although it was balanced by the use of justice, and all of the sample strongly agreed that nursing caring behaviors were important;There were no statistically significant correlations between the variables in this sample. Scores on the three instruments had a restricted range; the group was homogeneous on all three variables. An unexpected result was the nonsignificant correlation of caring as a moral voice with Thinking. Instrumentation and scoring method may have contributed to this finding. There was support for related yet separate concepts of caring as a moral voice and caring as behavior in nursing relationships with patients. The results cannot be generalized to other groups, but the dominance of Sensing-Feeling types has many implications for faculty and student services personnel at the study site, affecting both the curriculum and the co-curriculum

Influence of selected variables upon levels of nutrition practice use by various extension homemaker audiences in Tennessee

The purpose of this study was to determine the influence of selected independent variables upon the use of recommended nutrition practices by selected Extension audiences. The population of the study included homemakers from 8k Tennessee counties. Homemakers interviewed were classified as; (1) home demonstration club members, (2) food stamp recipients, (3) young homemakers, (4) 4-H mothers, or (5) others. The sample included 1,610 homemakers made up of 230 food stamp recipients, 1,213 home demonstration club members and 16? young homemakers. The data were organized under four major headings: (1) influence of homemakers\u27 personal and family characteristics upon levels of nutrition practice use, (2) influence of information from mass media upon levels of nutrition practice use, (3) influence of individual and group instruction upon levels of nutrition practice use, and (4) influ-ence of interest in attending workshops or series of meetings upon levels of nutrition practice use. A contingency table analysis program was used in the analysis of relationships between the levels of nutrition practice use of the three homemaker audiences and 26 independent variables. Homemakers were classified into low, medium, and high practice use levels and the number and percent of homemakers in different categories were shown for each audience. The mean number of practices used by each audience according to the independent variables were also shown. A chi-square statistical test of significance was used in the analysis of the data. Chi-square values which achieved the .05 level of significance were accepted as being statistically significant. Computations were done by the University of Tennessee Computing Center. Major findings of this study were: 1. In the food stamp recipient audience homemakers living alone and homemakers having five or more persons living in the home used fewest nutrition practices. 2. Food stamp recipients and home demonstration club members having both a freezer and refrigerator used more nutrition practices than homemakers having neither or only one of these appliances. 3. The greater the number of sources of mass media used for nutrition information by food stamp recipients and home demonstration club members, the greater was their use of nutrition practices. 4. Nutrition practice use by food stamp recipients and home demonstration club members was significantly influenced by their exposure to individual and group instruction regarding nutrition. 5. The total number of sources of information used by food stamp recipients and home demonstration club members significantly influenced their use of nutrition practices. 6. Home demonstration club members nutrition practice use increased with the number of nutrition related meetings they were interested in attending. Implications and recommendations also were included

CEO Presence on the Compensation Committee: A Puzzle

Conventional wisdom suggests that CEO membership of the compensation committee is an open invitation to rent extraction by self-serving executives. However using data from New Zealand - where CEO compensation committee membership is relatively common - we find that annual pay increments for CEOs with this apparent advantage averaged six percentage points less than those enjoyed by other CEOs during the 1997-2005 period. After controlling for variation in firm performance the difference is a still-sizeable four percentage points. This puzzling result cannot be explained by risk-return tradeoff considerations interaction with other governance variables selection bias or variable mis-measurement