Board gender composition and debt financing

© 2020 John Wiley & Sons, Ltd. There is a recent upsurge in calls for more women on corporate boards around the world; however, a perception of women being risk-averse that is created by lottery and gambling studies has affected women\u27s advancement in their career ladder. Our study investigates women\u27s risk averseness when they are on corporate boards in the context of a firm\u27s use of debt financing. Using a unique Australian setting, we find that women on the board have a positive association with the firm\u27s use of debt financing. This suggests that firms with women on the board are not conservative in using debt financing. Our results are robust to the use of alternative measures of gender diversity and to a series of sensitivity checks including propensity score matching, difference-in-differences and two-stage least square techniques

Does female representation on corporate boards improve intellectual capital efficiency?

© 2019, Emerald Publishing Limited. Purpose: The purpose of this paper is to analyse the relationship between female representation on corporate boards and intellectual capital (IC) efficiency – while prior studies focus on the relationship between gender diversity and firms’ financial performance. Design/methodology/approach: Drawing on data from top 500 UK listed firms for 2007–2016 (3,279 firm-years), this study employs an adjusted-value-added intellectual coefficient as a measure of IC efficiency. Further, the two-step system-generalised method of moments has been applied to account for endogeneity issues. Findings: The results reveal a significant positive relationship between female representation on boards and IC efficiency, including human capital, structural/innovation capital and financial capital efficiency. These results are robust to alternative proxies for the independent variable and difference-in-difference estimation. Practical implications: The results posit that female representation on boards is associated with IC efficiency, which is vital for firms’ value creation and competitive advantage in the knowledge-economy era. The study also endorses current legislation to increase female representation on corporate boards. Originality/value: This is among the limited studies to explore the role of female representation on boards in IC efficiency – while most prior studies relate IC efficiency to financial performance

Exponential Parameterized Cubic B-Spline Curves And Surfaces

The use of B-spline interpolation function for curves and surfaces has been developed for many reasons. One reason is the higher degree of continuity and smoothness. A general B-Spline is a polynomial curve and its shape is determined by the control points. To interpolate data points, various works have been done by previous researchers who studies B-Spline parameterization. In this thesis, we develop a new way for interpolating cubic B-Spline curve by taking the first and the second derivative at endpoints and only the first derivative at inner points. The proposed method is the extension in the B-spline interpolation technique of using arbitrary derivatives at end points. In developing B-spline curve interpolation method, an algorithm is presented for interpolating data points. The algorithm computes knot values for parameterization methods. These knot values are used in constructing a matrix of B-Spline basis function and derivative of the basis function. Then, we solve it for control points by using the LU decomposition method, such that the curve will pass through the given data points. Selection of proper parametrization technique is critical for curve and surface reconstruction process. The parametrization method used in this study is an exponential parameterization method with a = 0:8. The main advantage of developing B-spline curve interpolation method is that we can generate different shapes of curves by setting different direction at all data points. As an application, we applied the proposed method in curve reconstruction on a road map from given data points and driving directions, and also for path planning in autonomous vehicle with given starting and goal position

Board gender diversity and environmental, social, and economic value creation: Does family ownership matter?

© 2019 John Wiley & Sons, Ltd and ERP Environment Prior literature on firm value creation for stakeholders has oversimplified and narrowed the concept of value down to “economic returns.” Although economic returns are fundamental to a firm\u27s core stakeholders (i.e., shareholders), other legitimate stakeholders want “value” beyond economic returns. We define stakeholder value as the financial and nonfinancial returns a firm can offer to its legitimate stakeholders, and empirically investigate whether board gender diversity (BGD) improves our multidimensional measure of value. Using Thomson Reuters\u27 ASSET4 data for U.K.-listed firms available from Eikon for the period 2007–2017, we report a significant positive relationship between BGD and stakeholder value creation. In particular, BGD increases social and environmental value creation in addition to economic returns. Furthermore, our results suggest that even though gender-diverse boards are associated with stakeholder value creation in family firms, this is only conspicuous for environmental value creation. The findings suggest that although female directors cater to the interests of broader stakeholder groups, family ownership causes them to mainly focus on environmental stakeholders. The study provides important implications for regulators, stakeholders, and academic scholars

Boardroom gender diversity and CEO pay deviation: Australian evidence

© 2020 Accounting and Finance Association of Australia and New Zealand We study whether boardroom gender diversity affects CEO pay. Specifically, we investigate the association between boardroom gender diversity and CEO pay deviation from the optimal level of CEO pay based on firm characteristics and market performance. Using a sample of 2,288 firm-year observations for the period 2006–2014, we find that boardroom gender diversity is negatively associated with CEO pay deviation, suggesting that firms with gender-diverse boards are cautious about the consequences of CEO pay deviation (under/overpayment), and thus likely to bridge the gap between CEO actual pay and expected pay. These findings provide important insights to the global discussion on executive compensation. Our findings are robust to alternative variable specifications, propensity score matching, difference-in-differences estimations, and generalised method of moments

Implication of HR components on Employee Performance: A comparative analysis of Public & Private Sector employees

Globalization and technological advancement has made market competitive. To survive in market every organization needs to maintain high performance. It can only be possible when the employees working in organization perform more efficiently than competitors. Increase in competition of market has made employee performance a big question to organization for its survival in global competition. Study reveals performance of employee is affected by various component of human resource management i.e. Job satisfaction, leadership, training &development and work stress. HRM is managing people effectively and efficiently to achieve strategic aims of organization. This study focuses on analyzing the impact of HR components on performance of employee. It also compares impact of HR component respect to public and private organizations. The study finds HR components have significant positive relationship with employee performance except work stress. Study also interprets findings irrespective of organization type

Geotechnical characteristics of effluent contaminated cohesive soils

In developing countries like Pakistan, raw industrial effluents are usually disposed-off directly into open lands or in water bodies resulting in soil contamination. Leachate formation due to rainfalls in openly dumped solid waste also adds to soil contamination. In this study, engineering behavior of soils contaminated by two industrial effluents, one from paper industry (acidic) and another from textile industry (basic), has been investigated. Laboratory testing revealed significant effects of effluent contamination on engineering behavior of tested soils. Liquid limit, plasticity index, optimum moisture content and compression index of tested soils were found to increase with effluent contaminant, indicating a deterioration in the engineering behavior of soils. Whereas maximum dry density, undrained shear strength and coefficient of consolidation of the contaminated soils showed a decreasing trend. The dilapidation in engineering characteristics of soils due to the addition of industrial effluents could pose serious threats to existing and future foundations in terms of loss of bearing capacity and increase in settlement. Keywords: soil contamination, industrial waste, engineering behavior, effluent waste, leachate. First published online: 28 Nov 201

Do LGBT Workplace Diversity Policies Create Value for Firms?

We show that the U.S. anti-discriminatory laws prohibiting discrimination in the workplace based on sexual orientation and gender identity (i.e. lesbian, gay, bisexual, and transgender (LGBT) identities) spur innovation, which ultimately leads to higher firm performance. We use the Human Rights Campaign’s Corporate Equality Index (CEI) of 398 (1592 firm-year observations) U.S. firms between 2011 and 2014, and find a significantly positive relationship between CEI and firm innovation. We also find that an interacting effect of CEI and firm innovation leads to higher firm performance. We use our understanding of Rawls’ Theory of Justice and stakeholder theory to show that firms with workplace diversity policies are likely to be more innovative and perform better than those without such policies. Our results are robust to endogeneity, reverse causality and simultaneity issues. Our results will trigger debate in similar markets around the globe on the economic benefits of LGBT workplace diversity policies for firms

Clinical characteristics, management and outcome of major pulmonary embolism: an experience from a tertiary care center in Pakistan.

Objective: To evaluate the clinical characteristics, risk factors, management and outcome of major pulmonary embolism (PE) in a tertiary care center of Karachi. Methods: Medical records of all patients who underwent a spiral CT scan of the chest for suspected pulmonary embolism were reviewed between January 2000 and June 2007 at the Aga Khan University Hospital, Karachi. Patients having evidence of major pulmonary embolism on spiral CT scan were selected. Results: A total of 30 patients (10 males, 20 females) with mean age 52 ± 14.59 years were identified who fulfilled our predefined criteria for major pulmonary embolism. Risk factors for thromboembolism were identified in 22 (73%) patients, prolonged immobilization in 8 (27%) and recent surgery in 8 (27%) patients being the commonest. All patients were symptomatic on presentation. Tachypnea and tachycardia were present in 27 (90%) patients. Refractory hypoxia was present in 18 (60%) patients and 3 (10%) were hypotensive on presentation. On spiral CT scan, 8 (27%) patients had embolus in the main pulmonary trunk, 26 (87%) patients in main right pulmonary artery and 20 (67%) patients had left main pulmonary artery embolus. Echocardiography was done in 22 (73%) patients with the findings of right ventricular dysfunction in all of them. All patients except one were treated with anticoagulation with either heparin infusion or low molecular weight heparin. In addition, thrombolytics were given in 7 (23%) patients and five (17%) underwent surgical embolectomy. Four (13%) patients died during hospitalization with a total of 26 (87%) surviving till hospital discharge. Conclusion: Major pulmonary embolism is an uncommon but potentially life threatening entity. Early diagnosis and aggressive therapy improves the clinical outcome

FUNCTIONAL OUTCOME AFTER DECOMPRESSION FOR DORSAL SPINE TUBERCULOSIS SURGREIS

OBJECTIVE: functional outcome of improvement after decompression for dorsal spine tuberculosis in terms of frankle grading. METHODOLOGY: This prospective study was conducted after ethical approval at neurosurgical ward mmc/mti through non-probability sampling. Clinical and radiological examined patients with carriers of dorsal spine tuberculosis were enrolled in study. After surgery they were followed for three months and improvement were measured comparing pre and post op Frankle grading. RESULTS:  Total of 38 patients underwent surgical procedure decompression ± fusion through postero-lat approach (costotransversectomy) in which 42% were male and 58% were female. Mean age was 34±5. Distribution for age group was 18-30(08), 31-40(13), and 51-60 (06). Level of disease D4-D8 were 17(44.8%), D9-D12 were 21(55.2%). CONCLUSION: decompression and stabilization in spine tuberculosis is safe, effective and results in good outcome clinically. The advantages of surgery include through debridement, decompression and achievement of spinal stabilization. KEY WORDS: Dorsal spine tuberculosis, corpectomy with fusion, laminectomy, outcome measure