Retribución de la alta dirección, estructura del consejo de administración y resultados

Resultados empíricos previos muestran distintas contradicciones cuando se relaciona la retribución de los miembros del equipo de alta dirección, la estructura del consejo de administración y los resultados alcanzados por la empresa. Un menor número de consejeros y una mayor proporción de consejeros externos se asocian a una mayor supervisión, pero no hay consenso sobre el efecto en el nivel retributivo del equipo de alta dirección. Esta falta de consenso se agrava cuando se analiza el efecto sobre los resultados. En este trabajo ofrecemos un marco teórico y un estudio empírico basado en la metodología de datos de panel, que permite explicar por qué los análisis previos difieren. En el contexto del mercado español se confirman las perspectivas del procesamiento de la información, que vinculan la sobredimensión del consejo con una mayor retribución del equipo de alta dirección. Asimismo, la mayor proporción de consejeros externos reduce el nivel retributivo del equipo de alta dirección al aumentar la supervisión y reducir el poder de los internos. Por último, se obtiene una relación cuadrática entre los resultados de la empresa y la retribución del equipo de alta dirección. Esta relación permite explicar, conjuntamente, un efecto positivo, defendido desde la teoría de la agencia, sobre los resultados de la empresa a niveles bajos de retribución de los miembros del equipo alta dirección y un efecto negativo, como consecuencia de una mayor discreción de éstos a niveles altos.Previous empirical results reveal various contradictions when relating top management compensation, board structure and levels of performance. While fewer directors and more external directors is associated with better supervision, there is no agreement on the effect on top management compensation level. This lack of consensus is even more noticeable when analysing the effect performance. This paper offers a theoretical framework and a panel data methodology based empirical study to account for how earlier analyses have differed. Given the great board dimension in the Spanish market, information processing perspectives are confirmed which link positively board size with higher top management compensation. Similarly, a higher proportion of external directors reduces top management compensation level since it improves supervision and reduces insiders’ power. Finally, a quadratic relation is obtained between performance and top management compensation. This relation explains both a positive effect, supported by agency theory on performance at low levels of management compensation, and a negative effect as a consequence of higher managers’ discretion at high levels

Respiratory symptoms and their determinants in the general Spanish population: changes over 20 years

Epidemiology; Respiratory symptomsEpidemiología; Síntomas respiratoriosEpidemiologia; Símptomes respiratorisBackground Few large epidemiological studies have analysed the prevalence of respiratory symptoms and their determinants in the general adult population. We investigated the prevalence and determinants of respiratory symptoms and compared their prevalence with that of two previous studies conducted in 1999 and 2009. Method EPISCAN II was a multicentre, cross-sectional, population-based epidemiological study in individuals older than 40 years. Results A total of 9092 individuals were included. Up to 47.5% reported at least one respiratory symptom, being more frequent in women than in men (49.4% versus 45.5%, p=0.0002) and with wheezing being the most frequent (33.7%) followed by dyspnoea (26.8%). The presence of any symptom was associated with female sex, higher body mass index (BMI), lower forced expiratory volume in 1 s (FEV1 % pred), reduced physical activity, a higher Charlson index and the presence of anxiety and depression. Smoking was also significantly associated with having at least one respiratory symptom in a dose–response fashion (OR: 1.415, 1.916, 2.192 and 2.987 for 0–10, 10–20, 20–30 and >30 pack-years, respectively, all p<0.0001). The prevalence of symptoms remained quite similar over the last 20 years (wheezing 40%, 36% and 33.7% and dyspnoea 10.4%, 9.9% and 13.1% in 1999, 2009 and 2019, respectively). Conclusions Approximately half of the adult Spanish population have respiratory symptoms and this prevalence has remained quite stable over the last 20 years. Smoking remains the main factor associated with respiratory symptoms, but female sex, comorbidities, high BMI and low FEV1 and low physical activity are also significantly associated with respiratory symptoms.The EPISCAN II study was sponsored by GlaxoSmithKline. Funding information for this article has been deposited with the Crossref Funder Registry

Determinants of blood eosinophil levels in the general population and patients with COPD: a population-based, epidemiological study

Epidemiology; Computed tomography; BiomarkersEpidemiología; Tomografía computarizada; BiomarcadoresEpidemiologia; Tomografia computada; BiomarcadorsBackground Blood eosinophils are considered a biomarker for the treatment of chronic obstructive pulmonary disease (COPD). Population-based studies are needed to better understand the determinants of the blood eosinophil count (BEC) in individuals with and without COPD. Methods EPISCAN II is a multicentre, cross-sectional, population-based epidemiological study aimed at investigating the prevalence and determinants of COPD in Spain. Study subjects were randomly selected from the general population, and COPD was defined by a post-bronchodilator FEV1/FVC < 0.7. For the pre-specified outcomes related to BEC, the first 35 COPD and 35 non-COPD subjects were consecutively recruited in 12 of the participating centres with the objective of analysing 400 individuals in each group. Baseline BEC and its association with demographic, clinical and functional variables were analysed. Results A total of 326 COPD and 399 non-COPD subjects were included in the analysis. The mean age (standard deviation [SD]) was 63.2 years (11.0), 46.3% were male, and 27.6% were active smokers. BEC was significantly higher in individuals with COPD [192 cells/μL (SD: 125) vs. 160 cells/μL (SD: 114); p = 0.0003]. In a stepwise multivariate model, being male, active smoker and having a previous diagnosis of asthma were independently associated with having a higher BEC. Conclusions This population-based study estimated the distribution of eosinophils in the healthy adult population and concluded that COPD patients have a significantly higher BEC. Male sex, active smoking and concomitant asthma were significantly associated with a higher BEC.The EPI SCAN II study was funded by an unrestricted grant from GlaxoSmithKline

Unravelling young COPD and pre-COPD in the general population

COPD; General populationMPOC; Població generalEPOC; Población generalBackground Chronic obstructive pulmonary disease (COPD) is commonly diagnosed when the airflow limitation is well established and symptomatic. We aimed to identify individuals at risk of developing COPD according to the concept of pre-COPD and compare their clinical characteristics with 1) those who have developed the disease at a young age, and 2) the overall population with and without COPD. Methods The EPISCAN II study is a cross-sectional, population-based study that aims to investigate the prevalence of COPD in Spain in subjects ≥40 years of age. Pre-COPD was defined as the presence of emphysema >5% and/or bronchial thickening by computed chromatography (CT) scan and/or diffusing capacity of the lung for carbon monoxide (DLCO) 0.70. Young COPD was defined as FEV1/FVC <0.70 in a subject ≤50 years of age. Demographic and clinical characteristics were compared among pre-COPD, young COPD and the overall population with and without COPD. Results Among the 1077 individuals with FEV1/FVC 0.70, 350 underwent both DLCO testing and chest CT scanning. Of those, 78 (22.3%) subjects fulfilled the definition of pre-COPD. Subjects with pre-COPD were older, predominantly women, less frequently active or ex-smokers, with less frequent previous diagnosis of asthma but with higher symptomatic burden than those with young COPD. Conclusions 22.3% of the studied population was at risk of developing COPD, with similar symptomatic and structural changes to those with well-established disease without airflow obstruction. This COPD at-risk population is different from those that develop COPD at a young age.The EPISCAN II study was sponsored by GlaxoSmithKline

Variation in alpine plant diversity and soil temperatures in two mountain landscapes of South Patagonia

Alpine environments and their temporal changes are rarely studied at high latitudes in the southern hemisphere. We analyzed alpine plants, soil temperatures, and growing-season length in mountains of two landscapes of South Patagonia (46◦ to 56◦ SL): three summits (814–1085 m a.s.l) surrounded by foothill grasslands in Santa Cruz province (SC), and four summits (634–864 m a.s.l.) in sub-Antarctic forests of Tierra del Fuego province (TF). Sampling followed the protocolized methodology of the Global Observational Research Initiative in Alpine Environments (GLORIA). Factors were topography (elevation and cardinal aspect) and time (baseline vs. re-sampling for plants, five annual periods for temperatures), assessed by univariate and multivariate tests. Plant composition reflected the lowland surrounding landscapes, with only 9 mountain species on 52 totals in SC and 3 on 30 in TF. Richness was higher in re-sampling than baseline, being assemblages more influenced by aspect than elevation. Mean annual soil temperature and growing-season length, which varied with topography, were related to the Multivariate El Niño Southern Oscillation Index (MEI) but did not show clear warming trends over time. We highlight the importance of long-term studies in mountainous regions of extreme southern latitudes, where factors other than warming (e.g., extreme climate events) explain variations.EEA Santa CruzFil: Lencinas, María Vanessa. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Austral de Investigaciones Científicas (CADIC); Argentina.Fil: Soler Esteban, Rosina Matilde. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Austral de Investigaciones Científicas (CADIC); Argentina.Fil: Cellini, Juan Manuel. Universidad Nacional de la Plata. Facultad de Ciencias Naturales y Museo. Laboratorio de Investigaciones en Maderas; Argentina.Fil: Bahamonde, Héctor Alejandro. Universidad Nacional de la Plata. Facultad de Ciencias Agrarias y Forestales; ArgentinaFil: Pérez Flores, Magalí. Universidad Nacional de La Plata. Facultad de Ciencias Agrarias y Forestales. Laboratorio de Investigación de Sistemas Ecológicos y Ambientales (LISEA); Argentina.Fil: Monelos, Lucas H. Universidad Nacional de la Patagonia Austral; Argentina.Fil: Martínez Pastur, Guillermo José. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Austral de Investigaciones Científicas (CADIC); Argentina.Fil: Peri, Pablo Luis. Instituto Nacional de Tecnología Agropecuaria (INTA). Estación Experimental Agropecuaria Santa Cruz; Argentina.Fil: Peri, Pablo Luis. Universidad Nacional de la Patagonia Austral; Argentina.Fil: Peri, Pablo Luis. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina

Determinants of blood eosinophil levels in the general population and patients with COPD : a population-based, epidemiological study

Blood eosinophils are considered a biomarker for the treatment of chronic obstructive pulmonary disease (COPD). Population-based studies are needed to better understand the determinants of the blood eosinophil count (BEC) in individuals with and without COPD. EPISCAN II is a multicentre, cross-sectional, population-based epidemiological study aimed at investigating the prevalence and determinants of COPD in Spain. Study subjects were randomly selected from the general population, and COPD was defined by a post-bronchodilator FEV/FVC < 0.7. For the pre-specified outcomes related to BEC, the first 35 COPD and 35 non-COPD subjects were consecutively recruited in 12 of the participating centres with the objective of analysing 400 individuals in each group. Baseline BEC and its association with demographic, clinical and functional variables were analysed. A total of 326 COPD and 399 non-COPD subjects were included in the analysis. The mean age (standard deviation [SD]) was 63.2 years (11.0), 46.3% were male, and 27.6% were active smokers. BEC was significantly higher in individuals with COPD [192 cells/μL (SD: 125) vs. 160 cells/μL (SD: 114); p = 0.0003]. In a stepwise multivariate model, being male, active smoker and having a previous diagnosis of asthma were independently associated with having a higher BEC. This population-based study estimated the distribution of eosinophils in the healthy adult population and concluded that COPD patients have a significantly higher BEC. Male sex, active smoking and concomitant asthma were significantly associated with a higher BE