Executive compensation in listed family firms in Turkey

Die Vergütung von Top-Managern börsennotierter Unternehmen ist spätestens seit den Skandalen um Enron in den USA und Parmalat in Italien ein besonders interessantes Thema sowohl für die akademische Forschung als auch für die mediale Berichterstattung. Diese Arbeit beschäftigt sich in diesem Zusammenhang vor allem mit den Fragen, welche Formen die Vergütung von Vorständen annehmen kann, in wie weit das finanzielle Gebaren der Gesellschaft dabei eine Rolle spielt und ob die gerade bei großen Gesellschaften die Vergütung der Manager im Verhältnis zur deren Fähigkeit, Erfahrung und Leistung liegt. Obwohl bereits eine hohe Anzahl wissenschaftlicher Publikationen über die Determinanten der Manager-Vergütung zur Verfügung stehen, konzentrieren sich diese haupsächlich auf Unternehmen im englisch-sprachigen Raum. Bei weitem weniger werden selbige Determinanten für Gesellschaften in Schwellenländern oder sogar Entwicklungsländern beleuchtet, wobei gerade dort die Natur der Vorstands-Vergütung anders gelagert ist, da die Eigentümerstruktur konzentrierter ist oder eben noch weiter gehend das Unternehmen von einzelnen Familien(-Klans) kontrolliert wird. Im Speziellen beschäftigt sich diese Arbeit mit der Vergütung von Spitzen-Managern in der Türkei, die wie in anderen Schwellenländer auch eine hohe Eigentümerkonzentration und einen eher schwachen Schutz von Minderheitseigentümern aufweist. Die Arbeit beginnt mit einem kurzen theoretischen Abriss über die existierenden Corporate-Governance Regime und Eigentümerstrukturen ohne sich vorerst auf ein bestimmtes Land festzulegen. Dem folgt eine detailiertere Analyse am Beispiel der Türkei. So werden dann in einem weiteren Schritt ein Panel-Datensatz von 203 Unternehmen, die and Börse in Istanbul notiert sind, über einen Verlauf von fünf Jahren (2003-2008) ökonometrisch untersucht. Die Ergebnisse lassen vermuten, dass die Unternehmensgröße eine entscheidendere Rolle hinsichtlich der Manager-Vergütung einnimmt als die Unternehmensperformance. Des weiteren weisen die Ergebnisse dieser Studie darauf hin, dass der Effekt der Unternehmensperformance auf die Vergütung der Top-Manager mit steigender Eigentümerkonzentration abnimmt.The remunerations paid to top executives of stock market-listed companies have been under investigation especially since some corporate debacles such as Enron in the USA and Parmalat in Italy. Executive compensation issue attracted great attention both from academia and media. Amongst the questions asked, the most important ones are how executive compensation is arranged, whether performance is a key determinant of pay or the top managers of large companies are paid over their abilities, experience and performance. There is already a high number of research papers and newspaper articles about the determinants of pay at the top. Nevertheless, most of the research investigates the issue for the companies in the USA and the UK, so-called Anglo-Saxon countries. There is much less research focusing on the determinants of executive compensation in developing countries where the executive compensation as an “agency problem” has a different nature due to concentrated ownership structures and dominance of business groups that are mainly controlled by families. Turkey exhibits most of the features that are common also in other developing countries such as high levels of ownership concentration, weak minority shareholder protection and presence of business groups. That is why, investigating the determinants of executive compensation in Turkey also provides an insight about the nature of executive compensation issue in developing countries. Besides some information about corporate governance regimes and ownership structures present in the world, the thesis provides a more detailed examination of corporate governance environment ownership structure and evidence of determinants of executive compensation in Turkey. The analysis relies on an unbalanced panel dataset of 203 companies listed on the Istanbul Stock Exchange from 2003 to 2008. The results suggest that firm size is a more important determinant of executive compensation than firm performance in Turkish firms. The results also suggest that the effect of firm performance on the level of compensation decreases as the ownership concentration of the company increases

SELBSTVORNAHME IM WERKVERTRAGSRECHT

Im Fokus der Arbeit steht, die Selbstvornahme im Werkvertragsrecht zu erläutern und dabei auf die Fragestellungen zur voreiligen Selbstvornahme durch den Besteller und den Zeitpunkt der Geltendmachung des Ersatzes der Selbstvornahmekosten einzugehen. Die einschlägigen Probleme werden mit Hilfe unterschiedlicher Meinungen in der Literatur und der Rechtsprechung analysiert. Anschließend wird jeweils zu der Problematik Stellung genommen. Der Grundfall der Selbstvornahme breitet keine Schwierigkeiten, wenn die Frist zur Nacherfüllung erfolgslos abgelaufen oder sie entbehrlich war. Problematisch ist, wenn der Besteller die Selbstvornahme trotz der Erforderlichkeit der Fristsetzung voreilig vornimmt und den Mangel selbst behebt, ohne den Ablauf der Frist abzuwarten oder sogar ohne überhaupt eine Frist zu setzen. Im ersten Fall kann er den Ersatz seiner Aufwendungen für die Selbstvornahme gegenüber dem Unternehmer geltend machen. Im zweiten Fall verliert er seine Mängelrechte, da er durch seine voreilige Selbstvornahme in die Dispositionsfreiheit des Unternehmers eingegriffen hat. Aufgrund des abschließenden Charakters des § 637 BGB steht dem Besteller kein Ersatzanspruch weder aus GoA noch aus Bereicherungsrecht sowie nach § 326 BGB zu. Da der Besteller dem Unternehmer die gesetzlich vorgesehene Gelegenheit zur Nacherfüllung nicht ermöglicht hat, ist es nicht außergewöhnlich, dass ihm kein Ersatzanspruch gewährt wird. Dagegen bleibt der Besteller nicht ohne Schutz. Ihm steht es frei, den Ersatz seiner Aufwendungen von dem Unternehmer zu verlangen, wenn eine vertragliche Vereinbarung vorliegt. Übrigens kann er von seinem Rücktrittsrecht Gebrauch machen oder gem. § 638 BGB den Werklohn mindern. Nach der gesetzlichen Lage steht dem Besteller der Anspruch auf Aufwendungsersatz für die Selbstvornahme grundsätzlich erst nach Abnahme. Diesen Anspruch kann jedoch er ausnahmsweise vor oder ohne Abnahme geltend machen, wenn einer der vom BGH anerkannten Ausnahmefälle vorliegt

Aortic pressure wave reconstruction during exercise is improved by adaptive filtering: a pilot study

Reconstruction of central aortic pressure from a peripheral measurement by a generalized transfer function (genTF) works well at rest and mild exercise at lower heart rates, but becomes less accurate during heavy exercise. Particularly, systolic and pulse pressure estimations deteriorate, thereby underestimating central pressure. We tested individualization of the TF (indTF) by adapting its resonance frequency at the various levels of exercise. In seven males (age 44–57) with coronary artery disease, central and peripheral pressures were measured simultaneously. The optimal resonance frequency was predicted from regression formulas using variables derived from the individual’s peripheral pressure pulse, including a pulse contour estimation of cardiac output (pcCO). In addition, reconstructed pressures were calibrated to central mean and diastolic pressure at each exercise level. Using a genTF and without calibration, the error in estimated aortic pulse pressure was −7.5 ± 6.4 mmHg, which was reduced to 0.2 ± 5.7 mmHg with the indTFs using pcCO for prediction. Calibration resulted in less scatter at the cost of a small bias (2.7 mmHg). In exercise, the indTFs predict systolic and pulse pressure better than the genTF. This pilot study shows that it is possible to individualize the peripheral to aortic pressure transfer function, thereby improving accuracy in central blood pressure assessment during exercise

E1A Activates Transcription of p73 and Noxa to Induce Apoptosis

p73, a member of the p53 family of proteins, transcriptionally activates a number of genes involved in the control of cell cycle and apoptosis. Overexpression of p73 was detected in a large number of primary head and neck cancers, and in the established cell lines examined, these all contained inactivating p53 mutations. The significance of p73 overexpression in the pathogenesis of head and neck cancer is currently unclear. We have shown that the expression of adenovirus 5 E1A in a panel of head and neck cancer cell lines induces apoptosis independently of their p53 status. In this study we examined the role of p73 and its transcriptional targets in E1A-mediated induction of apoptosis. E1A expression resulted in significant activation of the TAp73 promoter but had no effect on the alternative, DeltaNp73 promoter. E1A also increased expression of endogenous TAp73 mRNA and protein. E1A mutants lacking the p300- and/or pRB-binding sites showed reduced ability to activate the TAp73 promoter. Additionally, mutations in the E2F1-binding sites in the TAp73 promoter impaired activation by E1A. Importantly, expression of the 13S isoform of E1A substantially induced the p53 apoptotic target Noxa in several p53-deficient cancer cell lines. Our results indicate that E1A activation of p73 and the p53 apoptotic target Noxa can occur in the absence of a functional p53. This activation is likely to play a key role in the mechanism of p53-independent apoptosis induced by E1A in some cancers and may provide an avenue for future cancer therapies

Extracellular vesicles from amniotic fluid, milk, saliva, and urine expose complexes of tissue factor and activated factor VII

Background Tissue factor (TF) is expressed in the adventitia of the vessel wall and on extracellular vesicles (EVs) in body fluids. TF and activated coagulation factor (F) VII(a) together form the so-called extrinsic tenase complex, which initiates coagulation. Aim We investigated whether EVs in amniotic fluid, milk, saliva, and urine expose functional extrinsic tenase complexes that can trigger coagulation. Methods Milk, saliva, and urine were collected from healthy breastfeeding women (n = 6), and amniotic fluid was collected from healthy women undergoing routine amniocentesis (n = 7). EVs were isolated from body fluids by size exclusion chromatography (SEC) and clotting experiments were performed in the presence and absence of antibodies against TF and FVIIa in normal plasma and in FVII-deficient plasma. The ability of body fluids to generate FXa also was determined. Results Amniotic fluid, milk, saliva, and urine triggered clotting of normal plasma and of FVII-deficient plasma, which was almost completely inhibited by an anti-FVII antibody and to a lesser extent by an anti-TF antibody. Fractionation of body fluids by SEC showed that only the fractions containing EVs triggered clotting in normal plasma and FVII-deficient plasma and generated FXa, which again was almost completely inhibited by an anti-FVII antibody and partially by an anti-TF antibody. Conclusion Here we show that EVs from amniotic fluid, milk, saliva, and urine expose complexes of TF and FVIIa (i.e., extrinsic tenase complexes) that directly activate FX. Based on our present findings we propose that these EVs from normal body fluids provide hemostatic protection

LMTK3 represses tumor suppressor-like genes through chromatin remodeling in breast cancer

LMTK3 is an oncogenic receptor tyrosine kinase (RTK) implicated in various types of cancer, including breast, lung, gastric, and colorectal cancer. It is local-ized in different cellular compartments, but its nuclear function has not been investigated so far. We mapped LMTK3 binding across the genome using ChIP-seq and found that LMTK3 binding events are corre-lated with repressive chromatin markers. We further identified KRAB-associated protein 1 (KAP1) as a binding partner of LMTK3. The LMTK3/KAP1 interac-tion is stabilized by PP1a, which suppresses KAP1 phosphorylation specifically at LMTK3-associated chromatin regions, inducing chromatin condensation and resulting in transcriptional repression of LMTK3-bound tumor suppressor-like genes. Furthermore, LMTK3 functions at distal regions in tethering the chromatin to the nuclear periphery, resulting in H3K9me3 modification and gene silencing. In sum-mary, we propose a model where a scaffolding func-tion of nuclear LMTK3 promotes cancer progression through chromatin remodeling

On the assessment of statistical significance of three-dimensional colocalization of sets of genomic elements

A growing body of experimental evidence supports the hypothesis that the 3D structure of chromatin in the nucleus is closely linked to important functional processes, including DNA replication and gene regulation. In support of this hypothesis, several research groups have examined sets of functionally associated genomic loci, with the aim of determining whether those loci are statistically significantly colocalized. This work presents a critical assessment of two previously reported analyses, both of which used genome-wide DNA–DNA interaction data from the yeast Saccharomyces cerevisiae, and both of which rely upon a simple notion of the statistical significance of colocalization. We show that these previous analyses rely upon a faulty assumption, and we propose a correct non-parametric resampling approach to the same problem. Applying this approach to the same data set does not support the hypothesis that transcriptionally coregulated genes tend to colocalize, but strongly supports the colocalization of centromeres, and provides some evidence of colocalization of origins of early DNA replication, chromosomal breakpoints and transfer RNAs

Euglycemic Hyperinsulinemia Alters the Response to Orthostatic Stress in Older Adults With Type 2 Diabetes

OBJECTIVE—Insulin has opposing influences on blood pressure by simultaneously increasing adrenergic activity and vasodilatating peripheral blood vessels. In this study, we sought to determine whether hyperinsulinemia affects tilt table responses in older adults with type 2 diabetes not complicated by orthostatic hypotension

Glucometabolic Alterations In Pregnant Women With Overweight or Obesity But Without Gestational Diabetes Mellitus – An Observational Study

Introduction: Maternal overweight is a risk factor for Gestational Diabetes Mellitus (GDM). However, emerging evidence suggests that an increased maternal body mass index (BMI) promotes the development of perinatal complications even in women who do not develop GDM. This study aims to assess physiological glucometabolic changes associated with increased BMI. Methods: 21 women with overweight and 21 normal weight controls received a metabolic assessment at 13 weeks of gestation, including a 60 min frequently sampled intravenous glucose tolerance test. A further investigation was performed between 24 and 28 weeks in women who remained normal glucose tolerant. Results: At baseline, mothers with overweight showed impaired insulin action, whereby the calculated insulin sensitivity index (CSI) was lower as compared to normal weight controls (3.5 vs. 6.7 10-4 min-1 [microU/ml]-1, p=0.025). After excluding women who developed GDM, mothers with overweight showed higher average glucose during the oral glucose tolerance test (OGTT) at third trimester. Moreover, early pregnancy insulin resistance and secretion were associated with increased placental weight in normal glucose tolerant women. Conclusion: Mothers with overweight or obesity show an unfavourable metabolic environment already at the early stage of pregnancy, possibly associated with perinatal complications in women who remain normal glucose tolerant