This study empirically investigates the impact of managerial entrenchment on firm financial performance of Chinese firms initial public offerings （IPOs）. Using 142 firms listed in the Shenzhen Stock Exchange （SZSE...This study empirically investigates the impact of managerial entrenchment on firm financial performance of Chinese firms initial public offerings （IPOs）. Using 142 firms listed in the Shenzhen Stock Exchange （SZSE）, which was collected from the Guotaian Research Service Center （GTA-RSC） databases, this study uses two proxies to measure firm performance and three proxies to measure managerial entrenchment. The two proxies for firm performance are Tobins＇ Q and return on assets （ROA）, and the three proxies for managerial entrenchment are entrenchment 1, entrenchment 2, and entrenchment 3. These three entrenchment proxies are derived from the principal component analysis （PCA）. Though previous studies of managerial entrenchment and firm performance variables suffer from endogeneity, with respect to the corporate governance it is unclear as to which variables are endogenous and which are exogenous. This study confirms that the data are linear and no endogeneity issue should be address in this study, but only heteroskedasticity, non-normality for Tobins＇ Q are a problem, therefore, the regression method employed for Tobins＇ Q is the generalised least square （GLS） and the ordinary least square （OLS） between estimators for ROA. The regression result for Tobins＇ Q reveals that managerial entrenchment is negatively impact on firm performance. The results are in contradiction to the stewardship theory for new firms whereas the managerial entrenchment for new firms is positive. Furthermore, only one entrenchment proxy yields a significant coefficient. In conclusion, the negative results of entrenchment proxies were caused by the different institutional structures and legal systems which are the Chinese corporations that are still largely owned and controlled by a state and hence the centralised state controlled was responsible for all managerial actions.展开更多
Cardiac remodelling is generally accepted as a critical process in the progression of heart failure. Myocyte hypertrophy,inflammatory responses and cardiac fibrosis are the main pathological changes associated with ca...Cardiac remodelling is generally accepted as a critical process in the progression of heart failure. Myocyte hypertrophy,inflammatory responses and cardiac fibrosis are the main pathological changes associated with cardiac remodelling.AMP-activated protein kinase(AMPK) is known as an energy sensor and a regulator of cardiac metabolism under normal and ischaemic conditions. Additionally, AMPK has been shown to play roles in cardiac remodelling extending well beyond metabolic regulation. In this review, we discuss the currently defined roles of AMPK in cardiac remodelling and summarize the effects of AMPK on cardiac hypertrophy, inflammatory responses and fibrosis and the molecular mechanisms underlying these effects. In addition, we discuss some pharmacological activators of AMPK that are promising treatments for cardiac remodelling.展开更多
文摘This study empirically investigates the impact of managerial entrenchment on firm financial performance of Chinese firms initial public offerings （IPOs）. Using 142 firms listed in the Shenzhen Stock Exchange （SZSE）, which was collected from the Guotaian Research Service Center （GTA-RSC） databases, this study uses two proxies to measure firm performance and three proxies to measure managerial entrenchment. The two proxies for firm performance are Tobins＇ Q and return on assets （ROA）, and the three proxies for managerial entrenchment are entrenchment 1, entrenchment 2, and entrenchment 3. These three entrenchment proxies are derived from the principal component analysis （PCA）. Though previous studies of managerial entrenchment and firm performance variables suffer from endogeneity, with respect to the corporate governance it is unclear as to which variables are endogenous and which are exogenous. This study confirms that the data are linear and no endogeneity issue should be address in this study, but only heteroskedasticity, non-normality for Tobins＇ Q are a problem, therefore, the regression method employed for Tobins＇ Q is the generalised least square （GLS） and the ordinary least square （OLS） between estimators for ROA. The regression result for Tobins＇ Q reveals that managerial entrenchment is negatively impact on firm performance. The results are in contradiction to the stewardship theory for new firms whereas the managerial entrenchment for new firms is positive. Furthermore, only one entrenchment proxy yields a significant coefficient. In conclusion, the negative results of entrenchment proxies were caused by the different institutional structures and legal systems which are the Chinese corporations that are still largely owned and controlled by a state and hence the centralised state controlled was responsible for all managerial actions.
基金supported by the National Natural Science Foundation of China (81530009 to Youyi Zhang, 81670205 to Han Xiao)
文摘Cardiac remodelling is generally accepted as a critical process in the progression of heart failure. Myocyte hypertrophy,inflammatory responses and cardiac fibrosis are the main pathological changes associated with cardiac remodelling.AMP-activated protein kinase(AMPK) is known as an energy sensor and a regulator of cardiac metabolism under normal and ischaemic conditions. Additionally, AMPK has been shown to play roles in cardiac remodelling extending well beyond metabolic regulation. In this review, we discuss the currently defined roles of AMPK in cardiac remodelling and summarize the effects of AMPK on cardiac hypertrophy, inflammatory responses and fibrosis and the molecular mechanisms underlying these effects. In addition, we discuss some pharmacological activators of AMPK that are promising treatments for cardiac remodelling.
