Diversification or splitting-an explanation based on Contract Theory

By inserting the variable of the exactness of corporate valuation into the classic model of Contract Theory, this paper, on the bases of the interaction of the variables of the veraciousness of corporate valuation, managerial incentives and operational risks, explores the deep-seated reasons for changes in corporate structures, and draws the conclusion that the divestment of the subsidiary is beneficial to shareholders when the parent corporate is undervalued and that the relation between the parent and the subsidiary is disordered, or vice versa. This conclusion is consistent with the motives of many divestiture cases in reality.

Board Characteristics and Firm Performance

Based on agency theory, the importance of corporate governance is to reduce agency conflicts between those who control and those who own the residual claims in a firm. In other words, corporate governance as a mechanism helps to align management＇s goals with those of the stakeholders that are to increase firm performance. Since, the value creation of corporate governance can be measured through the firm performance; the aim of this study is to answer this question： ＂is there any relationship between corporate governance and firm performance？＂ Therefore, the four board characteristics that are of interest in this study are board independency, CEO duality, ownership structure, and board size. Based on a randomly selected sample of companies listed on Bursa Malaysia and applying the linear multiple regression as the underlying statistical tests, it is found that CEO duality has a negative relationship with firm performance---Return on Equity （ROE） and Return on Asset （ROA）, but there is no significant relationship among board independency, board size, and ownership structure as independent variables and firm performance as dependent variable.

Review on the Study of the Allocation of Corporate Control in Enterprise Theory

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.

Do Small Family Firms Outperform Non-family Firms？ A Research Agenda Based on Agency and Stewardship Theories＊

The aim of this study is to examine the effects of family involvement and altruism on agency costs of equity and debt, as well on the performance of small family businesses. To achieve this objective, the authors reviewed the literature on family business. Drawing from agency theory and stewardship theory, the authors also proposed a research model that highlights the links among the variables. In so doing, this paper makes some contributions to the literature in three ways. Firstly, it takes an integrative framework that may help to explain behaviors oriented towards maximizing potential performance within a context in which pro-organizational attitudes co-exist with self-serving motivations. Secondly, it advances the understanding of corporate governance mechanisms in small family businesses, and finally, it deepens the discussion of prior research by advancing a set of propositions based on two theoretical approaches. Thus, the authors believe that a systematic comparison of different contexts provides new insights into small family business governance. The implications and directions for future research are in the last section.

An Investigation on Telecommunication Staff＇s Acceptance of E-Learning Technology

As the information on telecommunication products updates rapidly, using E-learning in staff training becomes an edge for company operation. However, previous studies showed that staff＇s attitude toward E-learning significantly affected the outcomes of training. The purpose of this study is to investigate the acceptance of E-learning in a telecommunication company. The researchers adopted the technology acceptance model （TAM） and diffusion of innovation theory to evaluate the perceived usefulness and perceived ease of use on E-learning, in addition to employees＇ self-directed learning motivation, attitude toward computers, and organizational influence. We randomly chose 571 employees of the telecommunication entrepreneur at the Taichung office in Taiwan to participate in this survey. The result showed that employees＇ background factors such as age, job position, marital status, education level and the scale of job unit had the significant impact on behavioral intention to use E-learning. Employees＇ self-directed learning, attitude toward computers, and organizational influence respectively also had positive effects on perceived usefulness of E-learning and perceived ease of use of E-learning. Furthermore, employees＇ perceived usefulness of E-learning and perceived ease of use of E-learning also had a positive effect on behavioral intention to use E-learning systems.

Appraisal Research： A Model of Critical Reading

Reading is a process of negotiation and interaction between readers and writers. Critical Reading of a text is achieved chiefly by figuring out the attitudes, viewpoints, and ideology of the writer, also termed as evaluative resources in Appraisal Theory. This paper carries out an appraisal research into a reading passage taken from TEM-8 paper in hope of helping English majors to cultivate their Critical Reading ability by offering them a practical and implementable reading model.

Tracing Ultimate Shareholders＇ Double Control Chain in Listed Companies- Using the Theory of Organizational Routine Evolution

Based on the epistemology and methodology of organizational routine evolution, this paper presents a systematic analysis on how ultimate shareholders control listed companies by means of equity control chain in a pyramid structure and social capital control chain hidden in social networks. First, this paper examines the internal logic of ultimate shareholders＇ double control chain and designs an iterative model for dynamic evolution intent proceeding from ultimate shareholders ＇degree of intent for social capital control. Finally, with the case study of Inner Mongolia Caoyuan Xingfa Co., Ltd., this paper reveals the process and mechanism of ultimate shareholders＇ creation of double control chain.

Integration of Theory of Constraints Thinking Process and Lean Production for Troubleshooting on a Contractor

The thinking process of TOC （Theory of Constraints） was an important consolidated tool to the systematization of the companies＇ necessities because of its competitive advantage. The lean thinking proposed by Taiichi Ohno and developed by Toyota Company has been tested and found effective in several production processes. This paper aims to propose a method of problem solving through the integration of the principles of lean thinking and the TPTOC （Thinking Process of the Theory of Constraints）. The method was implemented on a civil contractor, using the research methodology and the action research. We concluded that, after the research, the core problem regarding the company is the technical failure of the administrative staff, which causes delay in the construction works and financial loss. We also concluded that the obstacles that could prevent the achievement of objectives are related to lack of a vision from senior management regarding financial return when investing in employee training. The goal was accomplished with the integration of two philosophies, TPTOC and lean. And only the tools proposed by Fl^vio Augusto Picchi were not enough for executing the action, so new lean actions were verbalized.

Corporate Behavior Theory on Stakeholder Harmonious Corporate Governance

Corporate governance is the focus of all stakeholders in the balance of contradictions and conflicts in the view of corporatc behavior theory, harmonious governance may be the development direction of future corporate governance. The article explains the framework of harmonious governance based on the theory of corporate behavior, and holds that shareholder value and stakeholder value is as important as, combination of incentive-compatible and mutually compatible, interaction between market governance and relationship governance, is a major innovation path of harmonious corporate governance by stakeholders.

Power Enterprise Supplier Relationship Management Optimization

In the supply chain management theory, enterprise and supplier relationship management is very important. Supplier Management for the significance of enhancing the competitiveness of enterprises, to achieve corporate strategic objectives can＇t be ignored. This paper studies the environment in the supply chain, with the means of information, management of suppliers around the theory, focuses on the suppliers to deepen collaboration,strengthen and control the management, comprehensive evaluation, collaboration and win-win four aspects related content. Optimize supplier relationships by making better enhance the power companies supplier relationship management level, to ensure that the material quality, quantity of time and supplies.

Strain- and twist-engineered optical absorption of few-layer black phosphorus

Density functional and many-body perturbation theories calculations were carried out to investigate fundamental and optical bandgap, exciton binding energy and optical absorption property of normal and strain- and twist-engineered few-layer black phosphorus （BP）. We found that the fundamental bandgaps of few layer BP can be engineered by layer stacking and in-plane strain, with linear relationships to their associated exciton binding energies. The strain-dependent optical absorption behaviors are also anisotropic that the position of the first absorption peak monotonically blue-shifts as the strain applies to either direction for incident light polarized along the armchair direction, but this is not the case for that along the zigzag direction. Given those striking properties, we proposed two prototype devices for building potentially more balanced light absorbers and light filter passes, which promotes further applications and investigations of BP in nanoelectronics and optoelectronics.