با سلام خدمت کاربران در صورتی که با خطای سیستم پرداخت بانکی مواجه شدید از طریق کارت به کارت مقاله خود را دریافت کنید (تا مشکل رفع گردد). با تشکر از صبوری شما!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Shareholder protection and bank executive compensation after the global financial crisis
حمایت سهامداران و غرامت اجرایی بانک پس از بحران مالی جهانی-2019
tWe use a hand-collected international database to analyze the change in the risk-taking incentivesembedded in bank executive compensation after the onset of the global financial crisis. Our results reveala reduction in both the risk sensitivity of stock option grants (vega) and total and cash pay-risk sensi-tivities in countries suffering systemic banking crises. This reduction is greater in countries with strongshareholder protection, especially in banks with good corporate governance, solvent banks, and banksthat suffered a reduction in their specific investment opportunity set. The regressions control for govern-ment intervention, banking development, and crisis intensity. Our results confirm that the contractinghypothesis is more relevant in countries with stronger shareholder protection, and provide support formeasures improving shareholder rights in the approval of bank executive compensation.
Keywords:Executive compensation | Banking crises | Bank risk | Bank performance | Shareholder protection
Runtime verification for business processes utilizing the Bitcoin blockchain
تأیید زمان اجرا برای فرآیندهای تجاری با استفاده از بلاکچین بیت کوین-2019
The usage of process choreographies and decentralized Business Process Management Systems has been named as an alternative to centralized business process orchestration. In choreographies, control over a process instance is shared between independent parties, and no party has full control or knowledge during process runtime. Nevertheless, it is necessary to monitor and verify process instances during runtime for purposes of documentation, accounting, or compensation. To achieve business process runtime verification, this work explores the suitability of the Bitcoin blockchain to create a novel solution for choreographies. The resulting approach is realized in a fullyfunctional software prototype. This software solution is evaluated in a qualitative comparison. Findings show that our blockchain-based approach enables a seamless execution monitoring and verification of choreographies, while at the same time preserving anonymity and independence of the process participants. Furthermore, the prototype is evaluated in a performance analysis
Keywords: Choreographies | Blockchain | Business process management | Runtime verification
Deriving double dividends through linking payments for ecosystem services to environmental entrepreneurship: The case of the invasive weed Lantana camara
سود سهام مضاعف از طریق پیوند پرداخت خدمات اکوسیستم به کارآفرینی زیست محیطی: مورد تهاجمی علفهای هرز Lantana camara-2019
A payment for ecosystem services mechanism is designed to support an environmental enterprise aimed at controlling Lantana camara, an invasive weed that is costly to eradicate. A forest reserve manager engages the local community in lantana control efforts. The community converts the weeds into household durable items for sale. However, as markets for such products may not account for the environmental services generated through weed control, the enterprise could fail for want of additional financial support. The challenge addressed in this paper is to incorporate the full environmental benefits of the weed-based enterprise and provide adequate compensation to the local community. An optimal compensation mechanism is derived through linking the ecological dimension of weed growth to its impact on biodiversity values within the reserve. Results indicate that optimal payments to the community would need to take into consideration both the value addition to the environment from controlling the invasive weed and the opportunity cost of participation by the community. When there exists a risk of enterprise failure due to low profitability, higher payments by the manager are required. However, the best environmental outcomes are obtained when the manager incorporates the welfare of the local community within the utility function.
Keywords: Lantana camara | Invasive weed | Environmental enterprise | Payments for ecosystem services | Environmental service | Biodiversity conservation
Management sub-advising in the mutual fund industry
توصیه فرعی مدیریتی در صنعت سرمایه گذاری دوطرفه-2018
This is a study of how contractual mechanisms can mitigate agency conflicts in sub-advised mutual funds. Sub-advising contracts allow fund families to expand their product offerings to include new investment styles and thereby gain market share. We show that costly contractual arrangements, such as co-branding, multi-advising, and performance-based compensation, can mitigate agency conflicts in outsourcing and protect investors from potential underperformance. Fund families will find it cost-effective to implement such incentive mechanisms only when investors are sophisticated in assessing manager skill. The findings help to explain why a large percentage of fund families outsource their funds to advisory firms.
keywords: Outsourcing |Sub-advisor |Mutual funds |Management company |Incentive contracts |Fund performance |Market share |Agency issue
Taxation and executive compensation: Evidence from stock options
مالیات و غرامت اجرایی: شواهدی از گزینه های بورس-2018
Understanding the effects of taxes on executive compensation provides insight into the process determining this compensation and is a key input to top income tax rate policy. A 2010 tax reform in Canada, which greatly increased the effective tax rate on stock option compensation for a subset of firms, provides a natural experiment with which to address this issue. Difference-in-differences estimates suggest that this tax increase resulted in an immediate reduction in both stock option grants and the fraction of total compensation made up of stock options with limited, if any, substitution towards other components of compensation.
keywords: Executive compensation |Taxation |Stock options
Examining Chinese adult children’s motivations for traveling with their parents
بررسی انگیزه های بچه های بزرگسال چینی برای مسافرت رفتن با والدین خود-2018
This study examines Chinese adult children’s holiday travel with their parents as a unique type of family travel. A netnographic examination of 158 detailed online blogs was conducted to explore the adult children’s motivations for taking such travels. The results of the netnographic study revealed that the motivations for traveling with their parents by Chinese young adults include health and recovery, novelty and knowledge, commemoration and celebration, dream fulfillment, family togetherness and relationship, compensation and reward, expression of filial piety, escape and relaxation, and pleasure seeking. These motivations can be classified as parent-oriented motivations, family-oriented motivations and self-oriented motivations. The study identifies features of the adult children-senior parents’ travel market and offers insights about the continuity of family roles in the social context of an aging Chinese society. Marketing implications for this growing Chinese market are provided.
keywords: Family travel| Chinese adult children| Chinese senior parents| Travel motivations
Coordinating manufacturers innovation and retailers promotion and replenishment using a compensation-based wholesale price contract
هماهنگ سازی نوآوری سازنده و تبلیغ و تجدید تدارکات خرده فروش با استفاده از یک قرارداد قیمت عمده فروشی مبتنی بر غرامت-2018
In this paper, coordination of a manufacturer-retailer chain is investigated where the manufacturer innovates in manufacturing process and the retailer applies promotional efforts. The market demand is assumed to be stochastic dependent on the retailers promotional and the manufacturers innovation efforts. The retailer uses a periodic review inventory system for replenishing items and decides on order-up-to level, review period and promotional efforts level. On the other hand, it is possible for the manufacturer to boost the market demand by innovation in manufacturing process. The retailers promotional and manufacturers innovation efforts not only affect their profits, but also impress their mutual profits and the supply chain performance in an indirect manner. Firstly, we develop the decentralized and centralized decision-making models along with solution procedures and concavity analysis to solve the models. Although the centralized model improves the profitability of the whole supply chain, it may reduce the profitability of either the retailer or the manufacturer. Therefore, we propose a new compensation-based wholesale price contract for encouraging actors to take part in the joint decision-making scheme. Moreover, a profit sharing strategy based on the bargaining power of members is proposed for distributing the surplus profit between members. Finally, the results of the decentralized, centralized and coordination models are compared using test problems and some sensitivity analyses are presented.
keywords: Supply chain coordination |Promotional and innovation |Periodic review |Inventory system |Compensation |Wholesale price contract |Profit sharing
Pay me now (and later): Pension benefit manipulation before plan freezes and executive retirement
همین الان به من پرداخت کن (و بعدا"): اجرای سود بازنشستگی قبل از سرد شدن برنامه و بازنشستگی اجرایی-2018
Large US firms modify top executives’ compensation before pension-related events. Top executives receive one-time increases in pensionable earnings through higher annual bonuses one year before a plan freeze and one year before retirement. Firms also boost pension payouts by lowering plan discount rates when top executives are eligible to retire with lump-sum benefit distributions. Increases in executive pensions do not appear to be an attempt to improve managerial effort or retention and are more likely to occur at firms with poor corporate governance. These findings suggest that in some circumstances managers are able to extract rents through their pension plans.
keywords: Corporate governance |Executive annual bonuses |Defined benefit pension plans |Pension freezes |Executive retirement
Research note: Investor perceptions of comparable-to-industry versus higher-than-industry pay ratio disclosures
نکته تحقیقاتی: برداشت های سرمایه گذار از نرخ پرداخت های قابل قیاس با صنعت دربرابر بالاتر از صنعت-2018
The usefulness of the CEO-to-employee pay ratio disclosure to investors is subject to significant debate. Our experiment examines participant responses to higher-than-industry and comparable-to-industry pay ratio disclosures in a company. A prior experiment by Kelly and Seow (2016) (hereafter KS) found that incrementally disclosing a higher-than-industry pay ratio on top of higher-than-industry CEO pay had indirect negative effects on the company’s perceived investment potential, via negative perceptions about the fairness of the CEO pay and workplace climate. We find that the negative indirect effects of pay ratio disclosures on perceived investment potential in KS are replicable in our study, and for a less extreme comparable-to-industry pay ratio. We do not find evidence that the effects of incremental pay ratio disclosure on investor perceptions are stronger when the pay ratio is higher-than-industry than when it is comparable-to-industry. Our study suggests that the ability of pay ratio disclosures to impact investor perceptions extends across a range of pay ratios.
keywords: CEO compensation disclosure| CEO-to-employee pay ratio| Investor perceptions
A group decision approach for supplier categorization based on hesitant fuzzy and ELECTRE TRI
یک دیدگاه تصمیم گروهی برای دسته بندی تامین کننده برمبنای فازی مردد و ELECTRE TRI-2018
Supplier evaluation and categorization is an important decision process in supplier management. It relies on judgements by multiple decision makers about the performance of a supplier on a set of criteria. Uncertainty of judgements, non-compensation between criteria and group decision are the main requirements of the decision process that have to be considered. However, none of the studies found in the literature presents a solution that contemplates all this requirements at the same time. Therefore, aiming to bridge this gap, this paper proposes an approach to supplier categorization based on the use of ELECTRE TRI combined with hesitant fuzzy. ELECTRE TRI is a non-compensatory multicriteria decision making method specific for categorization. Hesitant fuzzy is used prior to it to aggregate linguistic judgements of multiple decision makers. The decision process model is detailed and implemented in Matlab©. Analyses of the results of an illustrative case of application in the automotive industry show consistent categorization results, particularly using the pessimistic ELECTRE TRI categorization procedure. But, when there is too much discordance, negotiation techniques may be a better option. Also, test with different criteria weights showed no change in the categorization results, confirming the non-compensatory effect of the technique.
keywords: Supplier evaluation and categorization |Group decision |MCDM |ELECTRE TRI |Hesitant fuzzy