AIM: To evaluate the outcome predictors of percutaneous ablation therapy in patients with unresectable hepatocellular carcinoma (HCC), especially to identify whether the initial treatment response contributes to th...AIM: To evaluate the outcome predictors of percutaneous ablation therapy in patients with unresectable hepatocellular carcinoma (HCC), especially to identify whether the initial treatment response contributes to the survival of the patients. METHODS: The study cohort included 153 patients with single (102) and two or three (51) HCC nodules 5 cm or less in maximum diameter. As an initial treatment, 110 patients received radiofrequency ablation and 43 patients received percutaneous ethanol injection. RESULTS: The Kaplan-Meier estimates of overall 3- and S-year survival rates were 75% and 59%, respectively. The log-rank test revealed statistically significant differences in the overall survivals according to ChildPugh class (P = 0.0275), tumor size (P = 0.0130), serum albumin level (P = 0.0060), serum protein induced by vitamin K absence or antagonist Ⅱ level (P = 0.0486), and initial treatment response (P = 0.0130). The independent predictors of survival were serum albumin level (dsk ratio, 3.216; 950 CI, 1.407-7.353; P = 0.0056) and initial treatment response (risk ratio, 2.474; 95% CI, 1.076-5.692; P = 0.0330) based on the Cox proportional hazards regression models. The patients had a serum albumin level 3.5 g/dL and the 3- and 5-year survival rates of 86% and 82%. CONCLUSION: In HCC patients treated with percutaneous ablation therapy, serum albumin level and initial treatment response are the independent outcome predictors.展开更多
With the establishment of a modem corporate system, the separation of ownership and management appears in the company. The rational allocation of corporate control between different behavioral agents has attracted mor...With the establishment of a modem corporate system, the separation of ownership and management appears in the company. The rational allocation of corporate control between different behavioral agents has attracted more and more attention. This paper points out that scholars have studied the allocation of corporate control from the angles of the agency cost theory, property rights theory, corporate finance theory, and the theory of corporate governance, which has great value. However, the existing theories also have some flaws on the allocation of corporate control. First, people still have different understandings and views over the meaning of corporate control. Secondly, the existing research theoretically only observes and studies an arrangement of sheer level control, the allocation between final control and real control. This paper argues to build the two-tier allocation of corporate control: The first tier relation is between ultimate control rights and actual control rights, the second tier relation is between indirect control rights and direct control rights which are in actual control rights. This study can explain the resource allocation effects of corporate control, promote the development and improvement of the theory of the firm.展开更多
This paper aims to contribute to the corporate governance literature in emerging economies by examining the effect of some corporate governance mechanisms on financing decisions in Saudi Arabian listed companies. A mu...This paper aims to contribute to the corporate governance literature in emerging economies by examining the effect of some corporate governance mechanisms on financing decisions in Saudi Arabian listed companies. A multiple regression model is used to examine the association between financing decisions and corporate governance mechanisms for a sample of 37 listed Saudi companies. In particular, we examine the effect of board size, ownership concentration and corporate governance reporting on the debt-to-equity ratio. Corporate governance reporting is measured by the content analysis approach. After controlling for companies' profitability and their growth opportunities, we found that both board size and ownership concentration are positively associated with debt-to-equity ratio. We limit our analysis to a small sample of firms that use the internet to communicate corporate governance information between October 2005 and January 2006. The findings suggest that managers are likely to choose higher financial leverage when they have stronger corporate governance (large number of directors on the board and higher ownership concentration). However, we did not find any statistical association between corporate governance disclosure and debt-to-equity ratio. This suggests that firm's asymmetric information is not an important driver of the financing decision of Saudi Arabian companies. This might be due to the nature of the Saudi business environment. We strongly believe that this paper provides a novel contribution to the existing literature as we are the first to examine this issue in Saudi Arabia.展开更多
The purpose of this article is to analyze the impact of corporate governance and disclosure policy on corporate financial performance by examining the combined effect of board characteristics and disclosure level on f...The purpose of this article is to analyze the impact of corporate governance and disclosure policy on corporate financial performance by examining the combined effect of board characteristics and disclosure level on financing costs. The empirical analysis, conducted on a sample of 192 Canadian companies, generally shows the importance of board characteristics in determining the level of disclosure and firms' costs of financing. In particular, the results found indicate that boards whose characteristics meet the governance requirements that are associated with greater transparency in disclosure on governance attributes reduce the costs of financing of their companies by debt as well as by equity capital.展开更多
This paper assumes as a focal point the concept that the "post-Brexit" may represent a change of era for European and global financial service and particularly for capital market sector. The change of era produces n...This paper assumes as a focal point the concept that the "post-Brexit" may represent a change of era for European and global financial service and particularly for capital market sector. The change of era produces new "global systemic interrelation" in which financial globalization, governance and regulation will give place to new, largely unknown complexities. In general, the different interests and immediate priorities of euro and non-euro countries, coupled with a need for prompt and, at times, politically sensitive action, have had the result of a greater fragmentation or a differentiated integration in EU governance in the financial sector. On this assumption, we may say that the post-Brexit scenario is in some way preceded by a series of "fractures" in European governance. The direct effect of the post-Brexit era is that UK regulated financial entities will still need "passporting" across the EU single market: UK is going to vest the role of third party country, which will require an "equivalence regime" similar to the "substituted compliance" used in the same direction by US regulators. At the same time, while an equivalence regime may work in principle to deal cross-border issues at the global level, in the long term, it may be an instrument for a "battle of ideas" in the new political arena of global financial governance.展开更多
The Financing problem of Medium and small Sized High-tech Enterprises is the key point to enterprises' survival and development. Firstly it is pointed out that the difficulty in financing is due to without enough emp...The Financing problem of Medium and small Sized High-tech Enterprises is the key point to enterprises' survival and development. Firstly it is pointed out that the difficulty in financing is due to without enough emphasis on Medium and Small Sized High-tech Enterprises, without sound targeted laws and regulations, the imperfect credit guarantee system, and corporate governance structure problem of the enterprise Then, according to the problems existing in the financing of China's Medium and Small Sized High-tech Enterprises, the assay put forward several countermeasures which have referential value.展开更多
The goal of the study was the development of a system to monitor the members of supervisory and management boards. The system currently covers 8,454 joint stock companies registered in Poland. The main purpose of the ...The goal of the study was the development of a system to monitor the members of supervisory and management boards. The system currently covers 8,454 joint stock companies registered in Poland. The main purpose of the system is to monitor every change in the composition of every board of every joint stock company, from March 2001 up to the present, and it is updated every month. This system, however, also enables us to confirm some of the theories from the field of corporate governance. A generation change has been identified in the boards of the joint stock companies which were examined. Women constitute a large, and continuously increasing, section of the board members. The number of family companies, and of family involvement in boards, is still increasing. Board members of financial institutions (and not just of banks) possess significantly more directorates than board members of non-financial institutions. The number of interlocking directorates is positively linked to the macroeconomic development indicator of the total investment as percentage of GDP for Poland.展开更多
In recent years, bank credit business is booming with the increasing borrowing retention o~ China's listed companies, and debt financing has become the major approach among listed companies' financing strategies. As...In recent years, bank credit business is booming with the increasing borrowing retention o~ China's listed companies, and debt financing has become the major approach among listed companies' financing strategies. As a series of institutional arrangements about rights, responsibilities and benefits between different shareholders, corporate governance mechanism has a significant influence on the cost of debt financing. This paper employs variable coefficient panel data model to investigate the relationship of the listed company's debt financing costs and corporate governance mechanism in terms of structural characteristics and time series characteristics. The results show that optimizing the structure of both Board of Directors and Board of Supervisors, establishing a reasonable management incentive system and reducing the concentration of ownership properly can directly contribute to a lower company's debt financing costs. Meanwhile, property rights have an interactive influence on corporate governance from four aspects, which indirectly effect in company's debt financing costs.展开更多
The essay analyzes in a sociological and political science perspective several key aspects of the global economic-financial crisis which have either been neglected or not sufficiently analyzed in most scientific and m...The essay analyzes in a sociological and political science perspective several key aspects of the global economic-financial crisis which have either been neglected or not sufficiently analyzed in most scientific and media accounts. It focuses on two basic aspects: a) the coguitive framework prevailing among U. S. corporate, governmental and intellectual elites, i.e. the neodiberal conception of the self-regulating market, which deeply influenced their behaviour both in the market and in the political arena and b ) the mechanisms of pressure politics and political lobbying in the US Congress that managed to influence key decisions concerning de-regulation policy, in so far as to weaken the existing systems of institutional controls and to prevent new rules for new financial products. The last section evaluates President Obama's economic strategy and regulation policy in the light of the two basic aspects analysed in the first two sections, i.e. the action of lobbies and the influence of mainstream neo-hberal economics. The aim of the essay is to integrate the economic literature with a sociological and political analysis in order to gain clearer knowledge of the complex mechanisms of the crisis, which in turn can contribute to identifying key obstacles in implementing pohcies aimed at enforcing new forms of regulation of global markets.展开更多
文摘AIM: To evaluate the outcome predictors of percutaneous ablation therapy in patients with unresectable hepatocellular carcinoma (HCC), especially to identify whether the initial treatment response contributes to the survival of the patients. METHODS: The study cohort included 153 patients with single (102) and two or three (51) HCC nodules 5 cm or less in maximum diameter. As an initial treatment, 110 patients received radiofrequency ablation and 43 patients received percutaneous ethanol injection. RESULTS: The Kaplan-Meier estimates of overall 3- and S-year survival rates were 75% and 59%, respectively. The log-rank test revealed statistically significant differences in the overall survivals according to ChildPugh class (P = 0.0275), tumor size (P = 0.0130), serum albumin level (P = 0.0060), serum protein induced by vitamin K absence or antagonist Ⅱ level (P = 0.0486), and initial treatment response (P = 0.0130). The independent predictors of survival were serum albumin level (dsk ratio, 3.216; 950 CI, 1.407-7.353; P = 0.0056) and initial treatment response (risk ratio, 2.474; 95% CI, 1.076-5.692; P = 0.0330) based on the Cox proportional hazards regression models. The patients had a serum albumin level 3.5 g/dL and the 3- and 5-year survival rates of 86% and 82%. CONCLUSION: In HCC patients treated with percutaneous ablation therapy, serum albumin level and initial treatment response are the independent outcome predictors.
文摘With the establishment of a modem corporate system, the separation of ownership and management appears in the company. The rational allocation of corporate control between different behavioral agents has attracted more and more attention. This paper points out that scholars have studied the allocation of corporate control from the angles of the agency cost theory, property rights theory, corporate finance theory, and the theory of corporate governance, which has great value. However, the existing theories also have some flaws on the allocation of corporate control. First, people still have different understandings and views over the meaning of corporate control. Secondly, the existing research theoretically only observes and studies an arrangement of sheer level control, the allocation between final control and real control. This paper argues to build the two-tier allocation of corporate control: The first tier relation is between ultimate control rights and actual control rights, the second tier relation is between indirect control rights and direct control rights which are in actual control rights. This study can explain the resource allocation effects of corporate control, promote the development and improvement of the theory of the firm.
文摘This paper aims to contribute to the corporate governance literature in emerging economies by examining the effect of some corporate governance mechanisms on financing decisions in Saudi Arabian listed companies. A multiple regression model is used to examine the association between financing decisions and corporate governance mechanisms for a sample of 37 listed Saudi companies. In particular, we examine the effect of board size, ownership concentration and corporate governance reporting on the debt-to-equity ratio. Corporate governance reporting is measured by the content analysis approach. After controlling for companies' profitability and their growth opportunities, we found that both board size and ownership concentration are positively associated with debt-to-equity ratio. We limit our analysis to a small sample of firms that use the internet to communicate corporate governance information between October 2005 and January 2006. The findings suggest that managers are likely to choose higher financial leverage when they have stronger corporate governance (large number of directors on the board and higher ownership concentration). However, we did not find any statistical association between corporate governance disclosure and debt-to-equity ratio. This suggests that firm's asymmetric information is not an important driver of the financing decision of Saudi Arabian companies. This might be due to the nature of the Saudi business environment. We strongly believe that this paper provides a novel contribution to the existing literature as we are the first to examine this issue in Saudi Arabia.
文摘The purpose of this article is to analyze the impact of corporate governance and disclosure policy on corporate financial performance by examining the combined effect of board characteristics and disclosure level on financing costs. The empirical analysis, conducted on a sample of 192 Canadian companies, generally shows the importance of board characteristics in determining the level of disclosure and firms' costs of financing. In particular, the results found indicate that boards whose characteristics meet the governance requirements that are associated with greater transparency in disclosure on governance attributes reduce the costs of financing of their companies by debt as well as by equity capital.
文摘This paper assumes as a focal point the concept that the "post-Brexit" may represent a change of era for European and global financial service and particularly for capital market sector. The change of era produces new "global systemic interrelation" in which financial globalization, governance and regulation will give place to new, largely unknown complexities. In general, the different interests and immediate priorities of euro and non-euro countries, coupled with a need for prompt and, at times, politically sensitive action, have had the result of a greater fragmentation or a differentiated integration in EU governance in the financial sector. On this assumption, we may say that the post-Brexit scenario is in some way preceded by a series of "fractures" in European governance. The direct effect of the post-Brexit era is that UK regulated financial entities will still need "passporting" across the EU single market: UK is going to vest the role of third party country, which will require an "equivalence regime" similar to the "substituted compliance" used in the same direction by US regulators. At the same time, while an equivalence regime may work in principle to deal cross-border issues at the global level, in the long term, it may be an instrument for a "battle of ideas" in the new political arena of global financial governance.
文摘The Financing problem of Medium and small Sized High-tech Enterprises is the key point to enterprises' survival and development. Firstly it is pointed out that the difficulty in financing is due to without enough emphasis on Medium and Small Sized High-tech Enterprises, without sound targeted laws and regulations, the imperfect credit guarantee system, and corporate governance structure problem of the enterprise Then, according to the problems existing in the financing of China's Medium and Small Sized High-tech Enterprises, the assay put forward several countermeasures which have referential value.
文摘The goal of the study was the development of a system to monitor the members of supervisory and management boards. The system currently covers 8,454 joint stock companies registered in Poland. The main purpose of the system is to monitor every change in the composition of every board of every joint stock company, from March 2001 up to the present, and it is updated every month. This system, however, also enables us to confirm some of the theories from the field of corporate governance. A generation change has been identified in the boards of the joint stock companies which were examined. Women constitute a large, and continuously increasing, section of the board members. The number of family companies, and of family involvement in boards, is still increasing. Board members of financial institutions (and not just of banks) possess significantly more directorates than board members of non-financial institutions. The number of interlocking directorates is positively linked to the macroeconomic development indicator of the total investment as percentage of GDP for Poland.
基金This research is supported by the National Natural Science Foundation of China under Grant No.71003115Collaborative Innovation CenterResearch Innovation Team Supporting Plan of the Central University of Finance and Economics
文摘In recent years, bank credit business is booming with the increasing borrowing retention o~ China's listed companies, and debt financing has become the major approach among listed companies' financing strategies. As a series of institutional arrangements about rights, responsibilities and benefits between different shareholders, corporate governance mechanism has a significant influence on the cost of debt financing. This paper employs variable coefficient panel data model to investigate the relationship of the listed company's debt financing costs and corporate governance mechanism in terms of structural characteristics and time series characteristics. The results show that optimizing the structure of both Board of Directors and Board of Supervisors, establishing a reasonable management incentive system and reducing the concentration of ownership properly can directly contribute to a lower company's debt financing costs. Meanwhile, property rights have an interactive influence on corporate governance from four aspects, which indirectly effect in company's debt financing costs.
文摘The essay analyzes in a sociological and political science perspective several key aspects of the global economic-financial crisis which have either been neglected or not sufficiently analyzed in most scientific and media accounts. It focuses on two basic aspects: a) the coguitive framework prevailing among U. S. corporate, governmental and intellectual elites, i.e. the neodiberal conception of the self-regulating market, which deeply influenced their behaviour both in the market and in the political arena and b ) the mechanisms of pressure politics and political lobbying in the US Congress that managed to influence key decisions concerning de-regulation policy, in so far as to weaken the existing systems of institutional controls and to prevent new rules for new financial products. The last section evaluates President Obama's economic strategy and regulation policy in the light of the two basic aspects analysed in the first two sections, i.e. the action of lobbies and the influence of mainstream neo-hberal economics. The aim of the essay is to integrate the economic literature with a sociological and political analysis in order to gain clearer knowledge of the complex mechanisms of the crisis, which in turn can contribute to identifying key obstacles in implementing pohcies aimed at enforcing new forms of regulation of global markets.