Managerial ownership and corporate performance in Slovenian post-privatisation period

The Slovenian post-privatisation period has been characterised by a decline in the ownership by non-managerial owners (employees) and state-controlled funds. On the other hand, domestic and foreign non-financial firms, Privatisation Investment Funds and managers have been increasing their holdings. The latter, namely the growing managerial ownership, is likely to feature in future ownership dynamics in Slovenia. In fact, in 2002 the desired (optimal) ownership stakes estimated by Slovenian managers were 10.8 percentage points higher than their actual stakes. The aim of our paper is to describe the main trends in the ownership of Slovenian corporations in the post-privatisation period and to provide an answer to the basic economic question: what is the influence of the ongoing consolidation of managerial ownership on the performance of Slovenian firms. The empirical analysis testing this relationship is based on a panel of 182 Slovenian firms in the 1995-99 period and does not provide relevant evidence of any positive effects of the increasing managerial control on Slovenian firms' performance. If any, a positive incentive effect is only observed in those firms whose managers' holdings exceed 10-percent, only with regards to firms' financial performance (but not total factor productivity) and only in firms that are not listed on the capital market. Further, the negative effect of the current gap between the desired and actual managerial ownership seems to exceed any positive incentive effect arising out of managerial ownership.managerial ownership; ownership consolidation; corporate performance; corporate governance; transparency

Performance after mass privatisation : the case of Slovenia

Initial ownership structures resulting from the mass privatisation programme were intended as transitional, whereas optimal would be set up gradually and would result from secondary transactions. Therefore, mass privatisation is typically considered successful if secondary transactions lead to improved ownership, in particular, with emergence of strategic investors. If this approach is correct, positive effects of mass privatisation are thus not shown only by companies remaining in control of initial owners but mostly by the companies that have already gone through secondary privatisation. Accordingly, the success of secondary sales is to be evaluated by how successfully companies perform after the sale to new owners. This paper attempts to verify empirically those assumptions. The econometric analysis of panel data, after correcting for a selection bias, shows that TFP (total factor productivity) growth is highest in public companies. In addition we found that the secondary privatisation has had practically no positive effect on economic efficiency in the period 1995-99. We interpret these results as supporting evidence for the theoretical approach, which argues that the impact of strategic investors on performance may be ambiguous and that the quality of the capital market institutions is more important than ownership effects. The former creates incentives for performance by increasing the cost of expropriation of minority shareholders

The Reflexive Properties of Corporate Governance Codes: The Reception of the 'Comply or Explain' Approach in Slovenia

The Slovenian Corporate Governance Code for Public Joint-Stock Companies was adopted in March 2004. Using a systems-theoretical approach, we examine the extent to which the implementation of the Code has resulted in the kinds of 'reflexive' learning processes which the 'comply or explain' approach aims to bring about. The adoption of the Code has already had an impact on the wider legal system, triggering certain changes in the body of core company law, and assisting the process of adjustment to EU-level norms. On the whole, companies' implementation strategies are strikingly similar both in terms of the contents of deviations as well as in the type of disclosure and explanations for deviations. At the same time, the quality of disclosures is low, with effective comply-or-explain declarations representing only a small minority of disclosures. On this basis, the Code has been more effective, to date, in legitimating Slovenia's adjustment to transnational norms and standards, than in stimulating institutional learning.corporate governance, comply or explain, disclosure, reflexive law, EU law, transplants, Slovenia

Secondary Privatization in Slovenia: Evolution of Ownership Structure and Company Performance Following Mass Privatization

This volume contains the output of country research undertaken in Slovenia in 2000-2001 by a team directed by Andreja Bohm and Marko Simoneti under the international comparative project "Secondary Privatization: the Evolution of Ownership Structures of Privatized Enterprises". The project was supported by the European Union's Phare ACE* Programme 1997 (project P97-8201 R) and was coordinated by Barbara Blaszczyk from the Center for Social and Economic Research (CASE) in Warsaw, Poland. The Slovenian research was additionally co-financed by the research grant received by Central and Eastern European Privatization Network from the Ministry of Science and Technology, Republic of Slovenia (V5-9140-98). The support of the ACE Programme made it possible to organize the cooperation of an international group of scholars (from the Czech Republic, France, Poland, Slovenia and the U.K.). The entire project was devoted to the investigation of secondary ownership changes in enterprises privatized in special privatization schemes (i.e., mass privatization schemes and MEBOs**) in three Central European countries - the Czech Republic, Poland and Slovenia. Through a combination of different research methods, such as secondary analysis of previous research, analysis of legal and other regulatory instruments, original field research, statistical data base research and econometric analysis of individual enterprise data, the project aimed to investigate the scope, pace and trends in secondary ownership changes, the factors and barriers affecting them and the degree of ownership concentration resulting from them. In presenting a clear picture of secondary privatization trends in Slovenia, the authors of this volume tried to evaluate the effectiveness of various privatization schemes in terms of their open-endedness (i.e., the degree to which they foster flexibility in adjustments of ownership structures) and in terms of achieving good corporate governance. Additionally, they formulate and examine hypotheses concerning the relationships between changes in the economic performance of enterprises and post-privatization changes in their ownership structures. This report also includes a set of recommendations concerning necessary changes in the regulations and policies governing privatization and capital markets in Slovenia, designed to foster the development of privatized enterprises and to meet the requirements of the process of accession to the European Union. We hope that the results of this research will be of great interest for everyone interested in the little-researched question of what has happened to companies after privatization in transition countries.privatization, secondary transactions, corporate governance, transition economies, Czech Republic, Slovenia, Poland

Novel approaches for Ru-promoted C–H arylation methods

PhDThe development of new procedures for the production of biologically and industrially relevant compounds still remains a big challenge in chemistry. The biaryl motif is ubiquitous among a wide range of compounds of industrial importance. For example, the biaryl skeleton is found in molecular switches and motors, agrochemicals or medicines such as antifungal, anticancer, antibiotics, anti-inflammatory treatments. These properties make the biaryl functionality a highly desirable synthetic target, for both commercial and research purposes. In this context, C–H arylation has been acknowledged as a useful alternative to traditional cross-couplings, replacing the organometallic coupling partner by a non-prefunctionalised substrate in the reaction with a haloarene. Approaches for the development of Ru-catalysed C–H arylation methodologies are presented herein. The introduction provides a general overview about different strategies employed in metalcatalysed direct C–H arylation methods. The rational behind selectivity and reactivity are also thoroughly discussed. The second chapter describes studies on the C–H activation of perfluorinated arenes by Ru(II)-species. The synthesis of unprecedented aryl rutyhenium complexes and mechanistic considerations on the metalation of the arene are presented. In the last part of the second chapter the development of a bis-cationic rutehium(II) complex able to catalyse direct C–H arylation of electron-poor arenes with bromoarenes in the absence of any directing group is described. A complete mechanistic analysis, along with the scope of the methodology, is therefore given

Legislação brasileira sobre o aborto : conhecimento e opinião de tocoginecologistas

Orientador: Anibal FaundesDissertação (mestrado) - Universidade Estadual de Campinas, Faculdade de Ciencias MedicasResumo: Introdução: estima-se que 12% dos casos de mortalidade materna no Brasil sejam conseqüência do aborto clandestino. Muitas dessas mulheres cumpririam as condições para interrupção legal da gestação, entretanto a prática do aborto previsto em lei nos hospitais públicos é exceção, provavelmente pelo conhecimento precário dos médicos a respeito da legislação brasileira referente ao aborto. Objetivos: avaliar o conhecimento e a opinião dos ginecologistas e obstetras filiados à Federação Brasileira das Associações de Ginecologia e Obstetrícia (FEBRASGO) sobre a legislação brasileira referente ao aborto e sua possível correlação com algumas características sociodemográficas dos entrevistados. Sujeitos e Métodos: foram enviados 14.320 questionários para serem autorespondidos por todos os membros da FEBRASGO. A taxa de resposta foi de 30,2%, totalizando 4.323 questionários, cujas respostas foram analisadas em tabelas de contingência utilizando o teste qui-quadrado e com o nível de significância considerado de 0,05. Resultados: 83% dos ginecologistas e obstetras apresentaram um conhecimento adequado sobre as situações nas quais o aborto está previsto na legislação e apenas 15% deles foram classificados como tendo conhecimento adequado a respeito dos documentos necessários para a realização do aborto legal. No caso de malformação fetal congênita grave, 79% dos médicos avaliados apresentaram conhecimento adequado sobre a documentação exigida nessa situação. Em relação às alterações na legislação brasileira referente ao aborto, 80% dos médicos apresentaram opinião classificada como liberal, e 88% em relação às situações nas quais o aborto deveria ser permitido no Brasil. O conhecimento dos médicos sobre as três situações avaliadas apresentou associação com idade, tempo de prática na especialidade e número de filhos e a opinião apresentou correlação com o sexo, estado marital e região do país onde residem. Conclusões: Apesar de haver, por parte dos médicos, um bom conhecimento sobre as situações em que o aborto não é penalizado, falta-lhes informação sobre os requisitos necessários para realizar o aborto previsto em lei, com poucas variações segundo as características dos médicos que participaram deste estudoAbstract: Introduction: unsafe abortion is responsible for about 12 % of maternal death in Brazil. Many of these women could have been included in the circumstances which abortion is allowed in this country. However, legal abortion is rarely carried out, even though Brazil¿s public hospitals are prepared for this procedure. One of the reasons for this incongruity is the physicians¿ inadequate knowledge of the legislation concerning to abortion. Objectives: evaluate the knowledge and opinion concerning to abortion¿s law of the Brazilian gynecologists-obstetrics who are affiliated to the Brazilian Federation of the Associations of Gynecology and Obstetrician (FEBRASGO), and its relationship with some socio demographic characteristics. Material and Methods: Questionnaires were sent to all physicians affiliated to FEBRASGO (14.320), to be self responded. The response rate was 30, 2%. All the 4.323 questionnaires were analyzed in contingency tables, using the chi square test with the significance level set at 0, 05. Results: 83% of the gynecologists-obstetrics had an adequate knowledge of the situations which abortion is allowed but only 15% correctly answered about the documents required to carry out a legal abortion. However, 79% of them showed an adequate knowledge of the documents needed to carry out an abortion in case of malformed fetus. Concerning to opinion on changes in abortion¿s law, 80% of the physicians were classified as liberal and 88% were classified as liberal regarding to the situations abortion should be allowed in Brazil. The physicians¿ knowledge of all situations evaluated in this study were related to their age, offspring and time of practice as gynecologist-obstetrician and concerning to opinion, there was a relationship with their sex, marital status and region of residence in Brazil. Conclusion: Although the physicians have an adequate knowledge of the circumstances which abortion is allowed in Brazil, there is a lack of understanding about the documents required to carry out a legal abortion, with few differences relating to the respondents¿ characteristicsMestradoTocoginecologiaMestre em Tocoginecologi

Análise citogenética do envolvimento do Cromossomo 1 em pacientes portadores de Anemia de Fanconi

Orientadora: Enilze M. de S. F. RibeiroMonografia (Bacharelado) - Universidade Federal do Paraná. Setor de Ciencias Biológicas. Curso de Graduaçao em Ciencias BiológicasResumo : A Anemia de Fanconi (AF) é uma doença autossômica recessiva caracterizada por pancitopenia progressiva, diversas malformações congênitas e predisposição às neoplasias, principalmente leucemia mielóide aguda (LMA). O diagnóstico clínico é difícil, devido à grande variabilidade fenotípica, sendo necessária a confirmação citogenética, com adição de agentes alquilantes à cultura celular que induzem o aumento do número de quebras e formação de figuras radiais características da doença. Neste estudo, de 36 pacientes analisados citogeneticamente, 13 apresentavam aberrações cromossômicas clonais, dos quais cinco as apresentavam no cromossomo 1 e foram selecionados para uma análise citogenética detalhada de acordo com os objetivos desse trabalho. A coleta do material foi realizada no Ambulatório de Hematologia ou Unidade de Transplante de Medula Óssea do Hospital de Clínicas da UFPR. Para a obtenção dos cromossomos metafásicos de células da medula óssea foi utilizado o método descrito por WILLlAMS et aI. (1984), com modificações, e analisados através do bandeamento GTG utilizando a técnica de SCHERES (1972), com modificações. Nos 13 pacientes com aberrações cromossômicas clonais, as do 1 (5/13 – 38,5%) foram as mais freqüentes. Das 36 aberrações cromossômicas clanais observadas, as do 1 (10) foram igualmente as mais freqüentes (28%). As aberrações cromossômicas não ocorreram ao acaso nos cromossomos que as apresentaram (X215 = 622,08; P<0,001). Estas informações demonstram a importância do cromossomo 1 na Anemia de Fanconi. Os pontos de quebra observados nas diferentes aberrações cromossômicas coincidiram, em geral, com os descritos na literatura e nos mesmos são identificados importantes genes envolvidos na carcinogênese humana. A ocorrência de diferentes aberrações cromossômicas em diferentes fases da doença pode resultar de um epifenômeno relacionado ao número de células analisadas, com significado prognóstico não definido

ATRATIVIDADE DE CULTIVARES DE FEIJOEIRO PARA ALIMENTAÇÃO DE Chrysodeixis includens (WALKER, 1857) (LEPIDOPTERA: NOCTUIDAE)

O Brasil destaca-se na produção do feijoeiro-comum (Phaseolus vulgaris L.) que é cultivado em todo o território nacional, e além da sua importância econômica, é também muito importante do ponto de vista nutricional. Como outras importantes culturas ele acaba sendo atacado por uma série de insetos-pragas que têm o potencial de reduzir a produtividade das lavouras. A lagarta-falsa-medideira (Chrysodeixis includens), é uma das principais pragas devido à capacidade de desfolha que apresenta, e sua importância aumentou nos últimos anos, passando a ser considerada uma praga frequente na cultura. O controle da falsa-medideira é realizado principalmente utilizando inseticidas, no entanto faz-se necessária a utilização de outras técnicas de manejo integradas de forma a evitar as consequências do uso excessivo de inseticidas. Dentre esses métodos destaca-se a utilização de cultivares que sejam resistentes aos insetos-pragas. Diante disso, o objetivo do trabalho foi avaliar a atratividade de 10 cultivares de feijoeiro para alimentação de C. includens, utilizando-se o cultivar IAC Formoso como padrão de suscetibilidade. O trabalho foi conduzido no Laboratório de Entomologia do Instituto Federal Catarinense – Campus Rio do Sul em condições de laboratório (25 ± 2°C, 70 ± 10% de UR e 14h de fotofase). Para tanto foi realizado o teste de atratividade com avaliações aos 10, 15, 30 minutos, 1, 2, 3, 6 e 12 horas, obtendo-se o número médio de lagartas atraídas por cultivar avaliado. A partir desses dados, realizou-se o cálculo do índice de atratividade (IA). Para o teste foram utilizadas lagartas de terceiro ínstar de C. includens. Todos os cultivares avaliados mostraram-se igualmente atrativos nos tempos de exposição à C. includens nos ensaios de atratividade.