Corporate Governance und Unternehmungsbewertung in der Schweiz

Die Diskussion über die Qualität guter Corporate Governance und deren Auswirkung auf den Unternehmenswert beschäftigt Wissenschaft und Praxis seit mehreren Jahren. Allerdings existiert noch keine umfassende empirische Studie zum Einfluss der Corporate Governance auf den Unternehmenswert schweizerischer Firmen. Diese Lücke soll durch die vorliegende Arbeit geschlossen werden. Neben einem breiten Corporate Governance Index umfasst die Studie fünf weitere Governance Mechanismen, von welchen sowohl theoretische als auch empirische Arbeiten vermuten lassen, dass sie das Potential haben, die aus der Prinzipal-Agenten Beziehung resultierenden Kosten zwischen dem Management und den Aktionären zu reduzieren. Die Resultate multivariater OLS Regressionen zeigen, dass eine gute Corporate Governance vom Kapitalmarkt durch eine höhere Bewertung entschädigt wird

Corporate Governance, Unternehmensbewertung und Wettbewerb - eine Untersuchung für die Schweiz

Corporate governance; Ownership structure; Competition; Firm valuation; Endogeneity

Product Market Competition, Managerial Incentives, and Firm Valuation

Our paper is a further contribution to the still very small empirical literature on the effects of competition on managerial incentive schemes. Based on a theoretical model that incorporates both strategic interaction between firms and a principalagent relationship, we investigate the relationships between product market competition, incentive schemes and firm valuation in a multivariate OLS framework. To take into account a possible endogeneity of the incentives provided to managers and Tobin’s Q, our measure of firm value, we additionally employ a simultaneous equations framework. The sample comprises 156 Swiss firms for the year 2002, and the compensation data refer to the firms’ top management and the board of directors in total. Our results suggest that more intensive product market competition is associated with stronger incentive schemes for managers and a lower firm value

Product Market Competition, Managerial Inventives, and Firm Valuation

Our paper is a further contribution to the still very small empirical literature on the effects of competition on managerial incentive schemes. Based on a theoretical model that incorporates both strategic interaction between firms and a principal agent relationship, we investigate the relationships between product market competition, incentive schemes and firm valuation in a multivariate OLS framework. To take into account a possible endogeneity of the incentives provided to managers and Tobin's Q, our measure of firm value, we additionally employ a simultaneous equations framework. The sample comprises 156 Swiss firms for the year 2002, and the compensation data refer to the firms' top management and the board of directors in total. Our results suggest that more intensive product market competition is associated with stronger incentive schemes for managers and a lower firm valueProduct Market Competition; Managerial Incentives; Firm Valuation; Simultaneous Equations System

Interprofessional perceptions of emotional, social, and ethical effects of multidrug-resistant organisms: A qualitative study.

IntroductionMulti-drug-resistant organisms (MDRO) are usually managed by separating the infected patients to protect others from colonization and infection. Isolation precautions are associated with negative experiences by patients and their relatives, while hospital staff experience a heavier workload and their own emotional reactions.MethodsIn 2018, 35 participants (nurses, physicians, pharmacists) in an antimicrobial-stewardship program participated in facilitated discussion groups working on the emotional impact of MDRO. Deductive codings were done by four coders focusing on the five basic emotions described by Paul Ekmans.ResultsAll five emotions revealed four to 11 codes forming several subthemes: Anger is expressed because of incompetence, workflow-impairment and lack of knowledge. Anxiety is provoked by inadequate knowledge, guilt, isolation, bad prognoses, and media-related effects. Enjoyment is seldom. Sadness is experienced in terms of helplessness and second-victim effects. Disgust is attributed to shame and bad associations, but on the other hand MDROs seem to be part of everyday life. Deductive coding yielded additional codes for bioethics and the Calgary Family Assessment Method.ConclusionMDRO are perceived to have severe impact on emotions and may affect bioethical and family psychological issues. Thus, further work should concentrate on these findings to generate a holistic view of MDRO on human life and social systems

Silanization of silica nanoparticles and their processing as nanostructured micro-raspberry powders - a route to control the mechanical properties of isoprene rubber composites

Depending on interparticle structure and chemical behavior, fillers greatly influence the mechanical properties in rubber compounds. In this work, the influence of the filler–matrix versus filler–filler interaction on the mechanical properties of a silica nanoparticle–rubber composite was investigated. For this purpose, nanostructured microraspberry particles with different surface properties were designed and prepared using colloidal silica and two different kinds of silane agents, one coating agent (triethoxyoctylsilane, OCTEO) and one coupling agent (bis(triethoxysilylpropyl)tetrasulfide, Si69™). In addition, the degree of silane coverage of the nanoparticles was adjusted in a precisely controlled way. This sophisticated particle system allowed for straightforward integration into the composite formation process while ensuring that a redispersion of the nanoparticles in the rubber matrix occurred during compounding. With this microraspberry particle system, it was possible to influence the mechanical properties by the degree of silane surface coverage on the nanoparticles while the filler content could be kept constant. The two silane systems were carefully compared and the impact of the particle/particle and the particle/rubber interactions with respect to the mechanical properties of the composite was studied. Ultimately, an overall picture of the influence of the type and the amount of silane on mechanical properties in silica–rubber composites could be obtained