Suchergebnisse

Despite the tremendous importance of transnational firms in the world economy, relatively little is known about the structure of their boards and how they are governed. Four hypotheses, suggested by intuition and the general literature, are examined: that the composition of boards of large transnationals is likely to be substantially different from that of national boards; that boards of transnationals will take a leadership role in dealing with social and economic issues that transcend national boundaries; that boards of subsidiaries of transnationals are playing an increasing role in the general operations of transnationals; and that boards of transnationals will show a larger concern for stakeholders than boards of national firms. On the basis of very limited data it is concluded that all hypotheses are false. Moreover, based on Canadian experience, it is suggested that the strategy of many large transnationals of eliminating the boards of subsidiaries may be a major mistake. Finally, a request is made for anyone wishing to participate in a large research project on the governance of transnational corporations to contact the authors.

Galaxies with stellar masses near M* contain the majority of stellar mass in the universe, and are therefore of special interest in the study of galaxy evolution. The Milky Way (MW) and Andromeda (M31) have present-day stellar masses near M*, at 5 x 10(10) M-circle dot (defined here to be MW-mass) and 10(11) M-circle dot (defined to be M31-mass). We study the typical progenitors of these galaxies using the FOURSTAR Galaxy Evolution Survey (ZFOURGE). ZFOURGE is a deep medium-band near-IR imaging survey, which is sensitive to the progenitors of these galaxies out to z similar to 3. We use abundance-matching techniques to identify the main progenitors of these galaxies at higher redshifts. We measure the evolution in the stellar mass, rest-frame colors, morphologies, far-IR luminosities, and star formation rates, combining our deep multiwavelength imaging with near-IR Hubble Space Telescope imaging from Cosmic Near-IR Deep Extragalactic Legacy Survey (CANDELS), and Spitzer and Herschel far-IR imaging from Great Observatories Origins Deep Survey-Herschel and CANDELS-Herschel. The typical MW-mass and M31-mass progenitors passed through the same evolution stages, evolving from blue, star-forming disk galaxies at the earliest stages to redder dust-obscured IR-luminous galaxies in intermediate stages and to red, more quiescent galaxies at their latest stages. The progenitors of the MW-mass galaxies reached each evolutionary stage at later times (lower redshifts) and with stellar masses that are a factor of two to three lower than the progenitors of the M31-mass galaxies. The process driving this evolution, including the suppression of star formation in present-day M* galaxies, requires an evolving stellar-mass/halo-mass ratio and/or evolving halo-mass threshold for quiescent galaxies. The effective size and SFRs imply that the baryonic cold-gas fractions drop as galaxies evolve from high redshift to z similar to 0 and are strongly anticorrelated with an increase in the Sersic index. Therefore, the growth of galaxy bulges in M* galaxies corresponds to a rapid decline in the galaxy gas fractions and/or a decrease in the star formation efficiency. ; National Science Foundation AST-1009707, AST-0808133 ; ERC HIGHZ 227749 ; NL-NWO Spinoza ; NASA NAS5-26555 ; HST program GO-12060 ; National Collaborative Research Infrastructure Strategy of the Australian Federal Government ; Texas A&M University ; George P. and Cynthia Woods Institute for Fundamental Physics and Astronomy ; Astronomy