Other People\u27s Money: The Effects of Ownership on Compensation Strategy and Executive Pay

In this paper we develop and test hypotheses based on agency theory and managerial capitalism to address the question of whether firms\u27 compensation strategies are designed to motivate actions in the interests of equity holders or those of management. We examined differences in the organizational incentive structure of lower-level executives in management-controlled, owner controlled, and owner-managed firms. We found that when managers controlled the firm, there was pervasively weak incentive alignment for managers within the hierarchy and that, beyond base pay, they were able to extract compensation premiums through bonuses and long-term incentives, in spite of the fact that their firms did not demonstrate better economic performance than other types of firms. We were also able to demonstrate that equity holders pay substantial agency costs in management-controlled firms compared with owner-controlled firms. We end with a discussion of the organizational context for rationalizing executive compensation and the role of compensation consultants

Influence of impact velocity on the fragment formation of concrete specimens

In recent years some studies presented fragmentation models to describe the impact of projectiles [e. g.: 1, 2]. This paper shows results of high velocity impact of gun projectiles on concrete specimens. Three different muzzle velocities were tested on a standard concrete with special attention on the surface area generated. The penetration of the projectiles resulted in two craters (one on the front and one on the rear side of the specimens) and the formation of a huge number of particles of various shapes and sizes. The crater surfaces were analyzed with the 3-dimensional laser-scanner DAVID 3D which utilizes triangulation. The detailed principle is described in [3]. Parameters to describe the particles were determined with a CPA (camera particle analyzer). The used Haver CPA 2-1 is based on digital image processing with a high-resolution digital line scan camera. The following information were obtained: the shape-parameter sphericity, the particle-size-parameters (Feret-diameter, length, volume distribution) and the numbers of particles. A triaxial ellipsoid model was developed to determine the surface of the particles which takes a particle-shape-parameter into account. The main advantage of the ellipsoid model compared to the normally used sphere model is the consideration of the volume determined. The ellipsoid model provides a better picture of the real particle surfaces. Besides these sample related parameters the speed of the projectile was measured before and after penetrating the concrete specimens. As a result both kinetic energies could be calculated. Their difference corresponds to sum of the energy necessary to generate the fracture particles and their kinetic energy following the impact. In the course of this study a correlation was established between the energy difference (fracture energy + kinetic energy) and the fracture surface area generated. An increasing energy difference led to an increasing fracture surface area and higher number of particles as well. These results of the study can be utilized for designing protective concrete structures

Beurteilung von Einflüssen auf den Beschusswiderstand von Beton mittels bruchmechanischer und oberflächencharakteristischer Parameter

Beton unter dynamischer Belastung verhält sich anders als unter bekannter statischer Belastung. Diese Arbeit beschäftigt sich mit Einflüssen auf das Verhalten von Beton unter lokaler, dynamischer Belastung durch ein Projektil. Zu den untersuchten Betoneinflüssen zählen: das Alter, die Lagerungsbedingungen, die Prüfgeschwindigkeit, der w/z-Wert und der Größtkorndurchmesser. Es wurden bruchmechanische und oberflächenanalytische Parameter herangezogen, um eine energetische Bilanz zwischen Eintritts- und Austrittsenergie des Projektils einerseits und Bruchenergie des Zielobjekts andererseits zu erstellen. Die Eintritts- und Austrittsenergie des Projektils wurde aus der jeweiligen Geschwindigkeit abgeleitet. Diese konnte mittels Lichtschranken beim Projektileintritt und doppelt-belichteten Fotos beim Projektilaustritt ermittelt werden. Aus der spezifischen Bruchenergie und der Bruchfläche wurde die Bruchenergie bestimmt, die für die Schädigung des Zielobjekts verantwortlich war. Mit Hilfe von neu entwickelten Verfahren konnte dabei die gesamte Bruchfläche einschließlich der Fragmentoberfläche in der Bruchenergie berücksichtigt werden. Die Änderung der einzelnen Energieformen wurde in Abhängigkeit von den untersuchten Einflüssen dargestellt. Dabei zeigte sich, dass insbesondere der Größtkorndurchmesser und die Prüfgeschwindigkeit von entscheidender Bedeutung für die Größe der einzelnen Energieformen und damit auch für den Beschusswiderstand sind

A perspective-taking model for global assignments

Purpose:The purpose of this paper is to propose a model that explains how proactive cognitive processes, such as perspective-taking, relates to expatriates’ effectiveness. Design/methodology/approach: This conceptual paper presents the model that is based on the perspective-taking models developed by Parker et al. (2008) and applies them to the expatriate context. Findings: The authors present a framework that delineates how the perspective-taking process leads to an expatriate’s effectiveness. The authors provide propositions about which factors motivate expatriates to engage in perspective-taking and which factors influence higher accuracy of understanding of the host country nationals’ (HCN) perspective. Practical implications: Guidance is provided for the training of expatriate to develop perspective-taking. Originality/value: The paper expands the expatriate research by incorporating the perspective-taking model to identify which factors may motivate expatriates to see the HCN view point. Also, the paper contributes to the literature by identifying how resources such as expatriates’ psychological capital may promote the degree of accuracy or comprehension with respect to the HCN thoughts and feelings

Does long-term soil warming affect microbial element limitation? A test by short-term assays of microbial growth responses to labile C, N and P additions

Increasing global temperatures have been reported to accelerate soil carbon (C) cycling, but also to promote nitrogen (N) and phosphorus (P) dynamics in terrestrial ecosystems. However, warming can differentially affect ecosystem C, N and P dynamics, potentially intensifying elemental imbalances between soil resources, plants and soil microorganisms. Here, we investigated the effect of long-term soil warming on microbial resource limitation, based on measurements of microbial growth (18O incorporation into DNA) and respiration after C, N and P amendments. Soil samples were taken from two soil depths (0–10, 10–20 cm) in control and warmed (>14 years warming, +4°C) plots in the Achenkirch soil warming experiment. Soils were amended with combinations of glucose-C, inorganic/organic N and inorganic/organic P in a full factorial design, followed by incubation at their respective mean field temperatures for 24 h. Soil microbes were generally C-limited, exhibiting 1.8-fold to 8.8-fold increases in microbial growth upon C addition. Warming consistently caused soil microorganisms to shift from being predominately C limited to become C-P co-limited. This P limitation possibly was due to increased abiotic P immobilization in warmed soils. Microbes further showed stronger growth stimulation under combined glucose and inorganic nutrient amendments compared to organic nutrient additions. This may be related to a prolonged lag phase in organic N (glucosamine) mineralization and utilization compared to glucose. Soil respiration strongly positively responded to all kinds of glucose-C amendments, while responses of microbial growth were less pronounced in many of these treatments. This highlights that respiration–though easy and cheap to measure—is not a good substitute of growth when assessing microbial element limitation. Overall, we demonstrate a significant shift in microbial element limitation in warmed soils, from C to C-P co-limitation, with strong repercussions on the linkage between soil C, N and P cycles under long-term warming