Top Executives’ Pay For Long-Run Performance And Corporate Governance

This study examines the possibility that the quality of corporate governance has effects on the dynamic relationship between CEO compensation and firm performance. Building on the dynamic view of CEO pay and firm performance and corporate governance literature, we find that firms with weak corporate governance are more likely to provide high powered long-run incentives to CEOs, indicating CEO incentive contracts can be replaced by the role of external corporate control when the external control mechanism is not functioning effectively from the optimal contracting view. Overall, the findings imply that firm’s governance mechanism can generate cross-sectional variations in CEO long-term incentive contracts

CEO Pay For Long-Run Performance: A Dynamic View

This study examines multi-year dynamic response of CEO compensation to firm performance. Multi-period agency theories posit that the CEO's current performance can be compensated both today and tomorrow. This study investigates the dynamic view of CEO pay and firm performance by using partial adjustment models of CEO pay. We find that target pay levels are set on “long-run” past firm performance and that the deviation of the actual pay level causes near-complete convergence to the target in one year. Overall, the findings here indicate that a pay-for-contemporaneous-only-performance relationship significantly understates the incentive effects of CEO pay

The Effect Of Organizational Culture On Employee Commitment: A Mediating Role Of Human Resource Development In Korean Firms

The purpose of this study is to examine the effect of organizational culture defined as communication, trust, and innovative production on employees’ organizational commitment. Furthermore, we explored the possibility the role of HRD (Human Resource Development) activities in mediating the aforementioned relationship. Using the national employer survey data conducted by Korean government in 2011, the results find that organizational culture, in particular, defined as better communication among superiors and subordinates, trust, and appreciation of innovation from superiors, is positively related to organizational commitment. In addition, firm’s investment in HRD or employee participation in HRD would play a mediating role in influencing the relationship between organizational culture and organizational commitment. Therefore, organizational culture is a critical factor to increase workers’ motivation through the participation in HRD training program, thereby increasing worker’s commitment. The results provide theoretical and practical implications in HRD and its link to organizational culture in organizations.

Working hours reduction, financial constraints, and employment: evidence from Korean firms

This study analyzes the effect of reducing working time to a 40-hour week standard on employment, using the data of 1,961 publicly traded firms in Korea. The objective of the study is to empirically estimate the economy-wide effect of this working hours reduction on employment in Korea. This paper also attempts to uncover the effect of financial constraints, defined as the degree of accessibility to finance, on employment stability or sustainability. Some economic theories suggest that financial constraints have mixed or conflicting effects on employment. Building on labor and finance literature such as Garmaise (2007), easing financial constraints helps firms to optimally substitute capital for labor, thereby decreasing employment. Likewise, financially constrained firms are limited by the availability of internal funds, and a decrease in the external financing cost will increase firm-level human resource investment, such as employment. Using a longitudinal data on publicly listed companies in Korea, the author examines variations in the timing of implementing the working hours reduction in terms of establishment size to see if the effect of working hours reduction on employment differs with the degree of financial constraints of firms. This paper finds that the economy-wide effect on employment of work-hours reduction is positive, approximately 3.5% increase in employment. The results, however, show that there is no effect of the working hours reduction on employment in less financially constrained firms or larger corporations, whereas a substantial positive effect on employment is in smaller firms or financially constrained firms, supporting the Garmaise’s prediction

Investigation of the SH3BP2 Gene Mutation in Cherubism

Cherubism is a rare developmental lesion of the jaw that is generally inherited as an autosomal dominant trait. Recent studies have revealed point mutations in the SH3BP2 gene in cherubism patients. In this study, we examined a 6-year-old Korean boy and his family. We found a Pro418Arg mutation in the SH3BP2 gene of the patient and his mother. A father and his 30-month-old younger brother had no mutations. Immunohistochemically, the multinucleated giant cells proved positive for CD68 and tartrate-resistant acid phosphatase (TRAP). Numerous spindle-shaped stromal cells expressed a ligand for receptor activator of nuclear factor kB (RANKL), but not in multinucleated giant cells. These results provide evidence that RANKL plays a critical role in the differentiation of osteoclast precursor cells to multinucleated giant cells in cherubism. Additionally, genetic analysis may be a useful method for differentiation of cherubism.</p

Long-Term Health Effects of Work Trajectories Among Middle-Aged and Older Adults: The Mediating Role of Work, Material, and Social Environments

Using data from 14 waves (2003–2016) of the Korean Labor and Income Panel Study (KLIPS) (N = 1,627 individuals aged 45–64; 22778 observations), in this study, we conducted sequence analysis and a multi-categorical variable mediation analysis (1) to examine to what extent long-term work histories exhibit varying degrees of de-standardization and precariousness using sequence analysis (2) to explore the potential mediating effects of work, material, and social environments in the association between multiple work sequences and self-rated health. We found the coexistence of a relatively stable long-term employment pattern and a high prevalence of precariousness. The health and economic risks of precarious work fall disproportionately on older workers. Future researchers should continue to analyze whether the COVID-19 pandemic will lead to long-term changes in the workforce to improve our understanding of and response to working in later life and its health effects

Pole-skipping points in 2D gravity and SYK model

We represent the first investigation of pole-skipping on both the gravity and field theory sides. In contrast to the higher dimensional models, there is no momentum degree of freedom in $(1+1)-$dimensional bulk theory. Thus, we then consider a scalar field mass as our degree of freedom for the pole-skipping phenomenon instead of momentum. The pole-skipping frequencies of the scalar field in 2D gravity are the same as higher dimensional cases: $\omega=-i2\pi Tn$ for positive integer $n$. At each of these frequencies, there is a corresponding pole-skipping mass, so the pole-skipping points exist in the $(\omega,m)$ space. We also compute the pole-skipping points of the SYK model in $(\omega, h)$ space where $h$ is the dimension of the bilinear primary operator. We find that there is a one-to-one correspondence of the pole-skipping points between the JT gravity and the SYK model. To obtain the pole-skipping points, we need to consider the parameter $\epsilon$ related to chemical potential on the horizon of charged JT gravity and the particle-hole asymmetric parameter $\mathcal{E}$ of the complex SYK model as shift parameters. This highlights the $\epsilon-\mathcal{E}$ correspondence in relation to pole-skipping

Association of Polymorphisms in Browzine Journal Cover Fshr, inha, Esr1, and Bmp15 With Recurrent Implantation Failure

Recurrent implantation failure (RIF) refers to two or more unsuccessful in vitro fertilization embryo transfers in the same individual. Embryonic characteristics, immunological factors, and coagulation factors are known to be the causes of RIF. Genetic factors have also been reported to be involved in the occurrence of RIF, and some single nucleotide polymorphisms (SNPs) may contribute to RIF. We examined SNPs i