The Impact of Stewardship on Firm Performance: A Family Ownership and Internal Governance Perspective

Current research in corporate governance focuses primarily upon minimization of agency costs in the shareholder-management relationship. In this dissertation, I examine a complimentary perspective based upon stewardship theory. The model developed herein leverages past research on socioemotional wealth to identify CEO attributes associated with stewardship behavior. I examine whether these attributes lead to positive firm performance. Moreover, I examine how family ownership and board of director characteristics influences the CEO stewardship – firm performance relationship. A 3-year unbalanced panel dataset using 268 S&P 1500 firms is analyzed using generalized least squares regression. All covariates lag the dependent variable by 1-year; constructs are included to control for popular agency prescriptions used to monitor, control, and incentivize executives. I find no relationship between the hypothesized constructs related to CEO stewardship (board memberships, organizational identity, and board tenure) and firm performance (Tobin’s Q). However, results reveal family ownership positively moderates the relationship between the quantity of CEO board memberships and firm performance. Additionally, the presence of affiliated directors and community influential directors positively moderates the CEO board memberships-firm performance relationship. The presence of community influential directors also positively moderates the relationship between CEO organizational identity and firm performance. Results from this dissertation provide moderate support for stewardship theory as a compliment to agency theory in corporate governance literature. There is evidence that family ownership and board of director attributes strengthen the relationship between those CEO stewardship constructs and firm performance. However, lack of a direct relationship between the CEO stewardship constructs and firm performance suggest a need more fine-grained constructs that measure stewardship. A substantial amount of research exists in corporate governance using the principal-agent model. The research herein extends this research by using stewardship theory to compliment the dominant agency model. I hope this research encourages scholars to take an integrative approach by (1) taking a renewed look at alternate theories of corporate governance such as stewardship theory, and (2) continue work that focuses upon firm performance maximization through CEO stewardship as well as agency loss mitigation through monitoring and control of the CEO

Three- versus four-factor prothrombin complex concentrate for the reversal of warfarin-induced bleeding

Objective: The objective of this study was to evaluate the effectiveness of 3-factor prothrombin complex concentrate (3F-PCC) compared to 4-factor PCC (4F-PCC) in warfarin-associated bleeding. Methods: This multicenter, retrospective, cohort study analyzed data from patients admitted between May 2011 and October 2014 who received PCC for warfarin-associated bleeding. The primary outcome was the rate of international normalized ratio (INR) normalization, defined as an INR ≤1.3, after administration of 3F-PCC compared to 4F-PCC. Other variables of interest included the incidence of additional reversal agents, new thromboembolic events, and mortality. Results: A total of 134 patients were included in the analysis. The average dose of PCC administered was 24.6 ± 9.3 units/kg versus 36.3 ± 12.8 units/kg in the 3F-PCC and 4F-PCC groups, respectively, P < 0.001. Baseline INR in the 3F-PCC and 4F-PCC groups was 3.61 ± 2.3 and 6.87 ± 2.3, respectively P < 0.001. 4F-PCC had a higher rate of INR normalization at first INR check post-PCC administration compared to 3F-PCC (84.2% vs. 51.9%, P = 0.0001). Thromboembolic events, intensive care unit and hospital length of stay, and mortality were similar among both groups. Conclusion: The use of 4F-PCC leads to a more significant reduction in INR compared to 3F-PCC though no difference in mortality or length of stay was observed. Thromboembolism rates were similar among both groups

Maize Mill Senior Project

Engineers Without Borders (EWB) has worked on several projects to help developing communities around the world build the infrastructure necessary for modern life. One of their projects is the creation of an inexpensive and easily manufactured maize mill that communities in Africa (mainly Malawi) can use to grind corn and make their main food source, Nsima. Geoffery Wheeler, an accomplished engineer and former mentor to EWB’s Malawi team, wants an inexpensive, easily manufacturable and effective maize mill that can be fabricated and sustained in Africa. This report describes the process in which the Maize Mill Senior Project team created the Maize Mill design and prototype. This report is written in a way that the reader will see the steps taken to complete the senior project. Included are the background research done on different types of mills, the ideation sessions, design selection, analysis techniques, design calculations, drawings, prototype manufacturing and testing. Ultimately the testing of the finished prototype indicated that the design must be altered in order for the Maize Mill to operate under the desired specifications. This design iteration will hopefully be carried out by Cal Poly’s Engineers Without Borders organization or future senior project groups

A "special relationship": bridging the NATO intelligence gap

Despite NATOs long history of close military cooperation and coordination, the Alliance cannot fully support major multinational operations. Tested by conflicts in the 1990s through to the recent war in Libya, NATO capabilities have consistently fallen short. During each conflict, intelligence played a key role in securing victory, but NATOs operational successes were made possible only through substantial U.S. intelligence support. The lack of an independent NATO intelligence capability presents a problem for the United States, which needs a NATO capable of conducting operations in the event of a simultaneous conflict in another region. Given the rise of austerity measures in Europe, it is unlikely that European governments will provide additional funding to establish a comprehensive NATO intelligence capability. Therefore, the U.S. should establish an enhanced intelligence-sharing relationship with NATO to offset the paucity of NATO intelligence support and operational resources. Intelligence sharing can increase international cooperation and allow for greater burden sharing among allies. This is most aptly demonstrated by the United Kingdom-U.S.A. (UKUSA) series of signals intelligence agreements developed during World War II, which arguably provided the foundation for the special relationship between the U.S. and the U.K. today.http://archive.org/details/aspecialrelation1094534652Lieutenant, United States NavyApproved for public release; distribution is unlimited

Neuronal activation in nucleus tractus solitarius and area postrema of young and aged female rats induced by hypotension

It is well documented that blood pressure changes with age, and the effect is particularly pronounced in females. However, few studies have examined blood pressure in aged individuals, and most animal studies have been done with male rats. Our goal was to investigate responses to experimental hypotension in aged females, comparing activity in central nervous system areas implicated in blood pressure control in young and aged female rats. Isoproterenol (ISOP) is a B-adrenergic agonist that produces hypotension, thereby activating the renin-angiotensin system (RAS) and baroreceptors located in the aorta and great veins. Input from baroreceptors terminates in the hindbrain Nucleus of the Solitary Tract (NTS), whereas circulating hormones are detected by the adjacent Area Postrema (AP). Accordingly, we assessed neural activation in these areas using immunohistochemical labeling for the fos protein.The results showed a marked difference in numbers of fos+ neurons between young and aged female rats across both areas in response to ISOP. Fos in aged females was blunted in both caudal and middle levels of the NTS and throughout the AP. We conclude that aged females have an impaired response to baroreceptor input after hypotension and are less sensitive to hormones, such as Ang II, that are associated with hypotension. Thus, neurons in the hindbrain areas involved in cardiovascular control may play a role in age-related changes in blood pressure in females

The Effect of a High Fat Meal on Cerebral Vascular Function

It is well known that a single high fat meal (HFM) causes a robust and transient elevation in serum triglycerides (TG). This elevation in serum TG is a primary contributor to the post-prandial attenuation of peripheral vascular endothelial function, as assessed by flow-mediated dilation in the brachial artery. Whether a similar impairment in vascular reactivity can be observed in the cerebral circulation remains unknown, and was the focus of this investigation. PURPOSE: To test the hypothesis that cerebral vascular function is impaired following a HFM. METHODS: End-tidal carbon dioxide partial pressure (PETCO2), middle cerebral artery blood velocity (MCAVmean), calculated cerebral vascular conductance index (CVCI; MCAVmean/mean arterial pressure) and cerebral vasodilator response to rebreathing induced hypercapnia (% increase in CVC from baseline at common maximal ΔPETCO2) were assessed in 6 healthy young men (27 ±5 years). Measures were assessed during fasted baseline and again at 2 and 4 h post meal consumption (HFM day) or at a similar time point in the fasted state (TC day). The two visits were separated by 2-7 days and were conducted in a randomized order. Blood lipids were assessed at baseline and at the 2 h time point into each respective condition. RESULTS: As expected, consumption of the HFM significantly elevated serum TG concentrations relative to TC at 2 h (HFM: 101±38 to 169±77mg/dl, TC: 107±32 to 92±31mg/dl, P=0.007). However, the HFM had no effect of cerebral vasodilator capacity during rebreathing induced hypercapnia. The maximal increase in %CVC achieved at the highest common ΔPETCO2 during all conditions within each subject was unchanged during 2hr and 4hr post HFM or TC (condition x time interaction: P=0.96). Similarly, the slope of the change in %CVC per change in ΔPETCO2 was unaffected by HFM across time (P=0.49). CONCLUSION: Contrary to our hypothesis, and unlike the peripheral vasculature, our preliminary data suggest that the cerebral circulation appears to be protected from the acute negative effects of a high fat meal

Head Depth and Head Speed During Competitive Backstroke Ledge Starts

Recently, a commercially available starting ‘ledge’ designed to reduce foot slippage during the execution of the backstroke start was introduced in competitive swimming. For the purpose of identifying potential safety consequences, the present study investigated the effect of ledge use on head depths, speeds, and distances in backstroke starts of athletes with no prior or only novice familiarity of the ledge. Competitive backstroke starts were performed with and without ledges by high school-aged (14.5 to 19.2 yr, N = 61) swimmers in 1.52 m of water during a closed testing session. A SIMI Reality Motion System in a calibrated space using three cameras was employed for filming starts. Dependent measures were initial head height (Yset), distance from wall at entry (Xentry), entry angle (Angleentry), horizontal velocity at head entry (XVelentry), resultant velocity at entry (ResVelentry), maximum depth of the center of the head (Ymhd), resultant velocity at maximum head depth (ResVelmhd), and distance from the wall at maximum head depth (Xmhd). The ledge (L) condition showed significant increases compared to the non-ledge (NL) condition in Xentry (L 1.61 ± 0.59 m, NL 1.50 ± 0.53 m, p \u3c .001), ResVelentry (L 3.44 ± 0.97 m·s-1, NL 3.08 ± 1.00 m·s-1, p \u3c .001), Angleentry (L 43.13 ± 16.97°, NL 39.66 ± 18.11°, p = .030), Xmhd (L 4.18 ± 0.58 m, NL 4.09 ± 0.63 m, p = .008), and Ymhd (L 0.54 ± 0.21 m, NL 0.49 ± 0.18,

Racial Differences in Survival among Hemodialysis Patients after Coronary Artery Bypass Grafting

The aim of this study was to examine racial differences in long-term survival among hemodialysis patients after coronary artery bypass grafting (CABG). To our knowledge this has not been previously addressed in the literature. Black and white hemodialysis patients undergoing first-time, isolated CABG procedures between 1992 and 2011 were compared. Survival probabilities were computed using the Kaplan-Meier product-limit method and stratified by race. Hazard ratios (HR) and 95% confidence intervals (CI) were computed using a Cox regression model. A total of 207 (2%) patients were on hemodialysis at the time of CABG. White (n = 80) hemodialysis patients had significantly decreased 5-year survival compared with black (n = 127) patients (adjusted HR = 1.9, 95% CI = 1.2–2.8). Our finding provides useful outcome information for surgeons, primary care providers, and their patients

Curriculum Guidelines for Undergraduate Programs in Data Science

The Park City Math Institute (PCMI) 2016 Summer Undergraduate Faculty Program met for the purpose of composing guidelines for undergraduate programs in Data Science. The group consisted of 25 undergraduate faculty from a variety of institutions in the U.S., primarily from the disciplines of mathematics, statistics and computer science. These guidelines are meant to provide some structure for institutions planning for or revising a major in Data Science

Risk-Adjusted Survival after Coronary Artery Bypass Grafting: Implications for Quality Improvement

Mortality represents an important outcome measure following coronary artery bypass grafting. Shorter survival times may reflect poor surgical quality and an increased number of costly postoperative complications. Quality control efforts aimed at increasing survival times may be misleading if not properly adjusted for case-mix severity. This paper demonstrates how to construct and cross-validate efficiency-outcome plots for a specified time (e.g., 6-month and 1-year survival) after coronary artery bypass grafting, accounting for baseline cardiovascular risk factors. The application of this approach to regional centers allows for the localization of risk stratification rather than applying overly broad and non-specific models to their patient populations