Globalization and the provision of incentives inside the firm: The effect of foreign competition

This paper studies the effect of changes in foreign competition on the structure of compensation and incentives of U.S. executives. We measure foreign competition as import penetration and use tariffs and exchange rates as instrumental variables to estimate its causal effect on pay. We find that higher foreign competition leads to more incentive provision in a variety of ways. First, it increases the sensitivity of pay to performance. Second, it increases whithin-firm pay differentials between executive levels, with CEOs typically experiencing the largest wage increases, partly because they receive the steepest incentive contracts. Finally, higher foreign competition is also associated with a higher demand for talent. These results indicate that increased foreign competition can explain some of the recent trends in compensation structures.Incentives, Performance-related-pay, Wage Structure, Promotions, Demand for talent, Globalization, Product Market Competition

What season suits you best? Seasonal light changes and cyanobacterial competition

Nearly all living organisms, including some bacterial species, exhibit biological processes with a period of about 24 h called circadian (from the Latin circa, about and dies, day) rhythms. These rhythms allow living organisms to anticipate the daily alternation of light and darkness. Experiments carried out in cyanobacteria have shown the adaptive value of circadian clocks. In theseexperiments, a wild type cyanobacterial strain (with a 24 h circadian rhythm) and a mutantstrain (with a longer or shorter period) grow in competition. In different experiments, the external light dark cycle was chosen to match the circadian period of the different strains, revealing that the strain whose circadian period matches the light-dark cycle has a larger fitness. As a consequence, the initial population of one strain grows while the other decays. These experiments were made under fixed light and dark intervals. In Nature, however, this relationship changes according to the season. Therefore, seasonalchanges in light could affect the results of the competition. Using a theoretical model, we analyze how modulation of light can change the survival of the different cyanobacterial strains. Our results show that there is a clear shift in the competition due to the modulation of light, which could be verified experimentally.Fil: Cascallares, Maria Guadalupe. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Norte; Argentina. Comisión Nacional de Energía Atómica. Centro Atómico Bariloche; ArgentinaFil: Gleiser, Pablo Martin. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Norte; Argentina. Comisión Nacional de Energía Atómica. Centro Atómico Bariloche; Argentin

The Flattening Firm and Product Market Competition: The Effect of Trade Liberalization

This paper establishes a causal effect of competition from trade liberalization on various characteristics of organizational design. We exploit a unique panel dataset on firm hierarchies (1986-1999) of large U.S. firms and find that increasing competition leads firms to become flatter, i.e., (i) reduce the number of positions between the CEO and division managers (DM), (ii) increase the number of positions reporting directly to the CEO (span of control), (iii) increase DM total and performance-based pay. The results are generally consistent with the explanation that firms redesign their organizations through a set of complementary choices in response to changes in their environment.organizational change, hierarchy, organizational structure, incentives, complementarities, decentralization, competition

The Impact of Product Market Competition on Private Benefits of Control

This paper investigates the impact of product market competition (PMC) on private benefits of control (PBC). We estimate PBC using the voting premium between shares with differential voting rights. We use two measures of the intensity of product market competition: an external competition measure based on industry-level import penetration, and an internal measure derived from domestic product market regulations. Using data for publicly-traded firms in 19 countries for which information on dual class shares is available we find that PMC is strongly negatively correlated with PBC. The evidence indicates that the effect is particularly strong for firms in industries that are likely to be concentrated and in countries with poor legal environments. We further examine the channels through which PMC enhances governance. We find evidence indicating that improvements in the availability of industry information and the higher default probability associated with tougher competition are two important forces in reducing the estimated price gap between dual class shares. Using exchange rates and terms of trade as instruments for import penetration, we find that the link between competition in product markets and private benefits of control is not spurious. Overall, our results suggest that product market competition can help in curbing private benefits of control.private benefits of control, competition, corporate governance, import penetration

Taxonomic revision of the genus Stenocyphus Marshall (Coleoptera, Curculionidae) from Brazil

Stenocyphus Marshall, 1922 (Entiminae, Naupactini) includes three species: the type species S. bituberosus (Gyllenhal, 1833), S. tuberculatus (Hustache, 1938), comb. n. herein transferred from Neoericydeus Hustache, 1938, and S. sextuberosus sp. n. The genus is endemic to the Atlantic forests of the states of Espirito Santo, Rio de Janeiro and São Paulo, Brazil and is mainly characterized by the presence of humped elytra bearing large conical tubercles on the intervals 5, or 3 and 5, or 3, 5 and 7. It shares some external morphological characters with Hadropus Schoenherr, 1826 and the Brazilian species of Cyrtomon Schoenherr 1823, but its phylogenetic position is uncertain. Herein we provide a diagnostic key to separate Stenocyphus from those genera, generic and species redescriptions or descriptions, a key to species, habitus photographs, line drawings of genitalia, and a discussion of the patterns of elytral tubercles in unrelated genera of Neotropical broad-nosed weevils.Fil: del Rio, Maria Guadalupe. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo. División Entomología; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Lanteri, Analía Alicia. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo. División Entomología; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentin

Acoplamiento de nanoparticulas de oro con el factor de crecimiento epidermico ( nps de au-egf) y determinacion de sus interacciones

En la actualidad, los usos biomédicos del acoplamiento de nanopartículas de oro (NPs de Au) con el Factor de Crecimiento Epidérmico (EGF) han tenido un gran auge dentro de la comunidad científica debido a su actividad regeneradora a nivel celular y su potente actividad teranóstica, logrando revertir el avance de enfermedades como el cáncer. Por lo tanto, es de interés conocer la naturaleza de las interacciones de las nanopartículas de oro y la estructura proteica del Factor de Crecimiento Epidérmico. Para lograr lo anterior, se sintetizaron nanopartículas de oro, con un tamaño promedio de 8.09 nm de diámetro, mediante la reducción química de un precursor de iones de oro utilizando citrato de sodio, y se caracterizaron por espectroscopia UV-VIS y microscopia electrónica de transmisión (MET); posteriormente se realizó un acoplamiento físico del Factor de Crecimiento Epidérmico con las NPs de Au y se caracterizaron mediante técnicas espectroscópicas de UV-VIS, FTIR, XPS, además de TEM y Potencial Z; por último, se lograron elucidar interacciones electrostáticas entre las NPs de Au y el grupo funcional amino de la estructura proteica correspondiente al EGF

Wattle and daub experimental workshop: durability testing after 14 years of uninterrupted use

An important factor to analyze when studying the useful lifetime of earth constructions is the detection of any constructive pathologies that may occur; an important consideration when building a house; yet in Argentina information on building with wattle and daub is scarce. This paper describes a durability test conducted on an experimental workshop built with wattle and daub technology in 2004, in the city of Mendoza, Argentina. The building has a floor area of 33.63 m2 (5.70 m x 5.90 m), and houses an experimental workshop for thermal energy research and the construction of solar equipment. During the 14 years that the workshop has been in use, the wattle and daub walls have been exposed to various environmental forces, such as rain, wind, and earthquakes. However, its thermal behavior has remained constant over time, maintaining a difference in temperature of 5.8ºC between the inside and outside without auxiliary heating. In general, the construction has been well-preserved and serves the purpose for which it was built, thus proving that wattle and daub constructions will remain in optimum condition for at least 14 years with minimal maintenance required to prevent surface materials from deteriorating.Fil: Cuitiño Rosales, Maria Guadalupe. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza; Argentina. Universidad Nacional de Cuyo. Facultad de Ciencias Aplicadas a la Industria; ArgentinaFil: Esteves Miramont, Alfredo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Ambiente, Hábitat y Energía; Argentin

Hacia el desarrollo de una competencia sociocultural en aprendientes de francés

Al aprender una lengua extranjera, una competencia lingüística es indispensable para comprender y producir oraciones. Sin embargo, para lograr un desempeño óptimo en situaciones de la vida cotidiana ajenas a las de nuestra cultura materna no basta con conocer las reglas gramaticales sino también los patrones sociales y culturales únicos de cada cultura

Who Lives in the C-Suite? Organizational Structure and the Division of Labor in Top Management

This paper shows that top management structures in large US firms radically changed since the mid-1980s. While the number of managers reporting directly to the CEO doubled, the growth was driven primarily by functional managers rather than general managers. Using panel data on senior management positions, we explore the relationship between changes in executive team composition, firm diversification, and IT investments—which arguably alter returns to exploiting synergies through corporate-wide coordination by functional managers in headquarters. We find that the number of functional managers closer to the product (“product” functions i.e., marketing, R&D) increase as firms focus their businesses, while the number of functional managers farther from the product (“administrative” functions i.e., finance, law, HR) increase with IT investments. Finally, we show that general manager pay decreases as functional managers join the executive team suggesting a shift in activities from general to functional managers—a phenomenon we term “functional centralization.”

“Cultura Política Democrática y Organizaciones Sociales. El caso de Antorcha Campesina”

El trabajo se compone de cuatro apartados, el primero referente a la Sociedad Civil y Cultura Política. El segundo tiene que ver con las Características y Tipos de Organizaciones Sociales, en el tercero se hace un Análisis del Movimiento Antorcha Campesina y en el cuarto se hace referencia al perfil de los integrantes del Movimiento para llegar a las conclusione