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Institutions are collective responses to collective concerns, with the underlying link between concern and response being the purpose of the institution. With this conceptual lens, we analyze the history of the Aktiengesellschaft (AG), which emerged in Austria and Germany around 1800. While any analysis of the organizational features of the form would have diagnosed marked stability over the past two centuries, our historical study reveals significant shifts of the AG’s purpose and meaning: from a vehicle in the service of the public interest, shareholders, and employees to a persona with legitimate self-interests and the will to survive. We suggest to regard such purpose drifts as distinct variant of institutional change. In addition, we conclude that the AG’s essentially political actorhood institutionalizes the ever fragile and delicate quest for a balance between the different legitimate interests on whose behalf a corporation acts (including those of the self). Such a view, we argue, can offer a future for the corporation as organizational form.

Walter Max Hahnemann, Berlin‐Marienfelde, and Ernst Kramar, Berlin‐Tempelhof, Germany, assignors to C. Lorenz Aktiengesellschaft, Berlin‐Tempelhof, Germany, a company. Application November 19, 1937. Serial No. 175,429. In Germany May 10, 1933. 5 Claims. (Cl. 250–11.)

Skincare, hair care, make-up, perfumes, toiletries and deodorants, and oral cosmetics are the main product categories of the cosmetic market. Since the early twentieth century, the production of cosmetics and beauty products has been controlled by a handful of multi-national corporations. COVID-19 impacted the cosmetics industry in several different and sometimes conflicting ways. This study benchmarks the performance of 20 largest cosmetics companies against their competition as well as against their previous years to analyze the impact of COVID-19. We find that only one company has consistently performed than its peers over the period of 2015–2020. We also find that average efficiency score of cosmetics companies declines in 2020 relative to 2019.

THE Eurocontrol Association has requested technical proposals for a navigation system capable of meeting provisional specification of April 5, 1961—the system to be capable of operational use in 1965. The low‐frequency hyperbolic area coverage navigation system, HARCO, has been proposed by the Decca Navigator Co., C.S.F. of France, and Telefunken of Germany, with the co‐operation of the Teleregister Corporation of America, and this article deals with the VORDAC system proposed by Standard Telephones and Cables of the U.K., Le Materiel Telephonique of France and Standard Elektrik Lorenz Aktiengesellschaft of Germany, with the co‐operation of Bell Telephone Manufacturing Co. of America and Nederiandsche Standard Electric Maatschappij N.V. of Holland.

I.C. Engine Lubricating System. Farbwerke Hoechst Aktiengesellschaft, vormals Meister Lucius & Bruning, Frankfurt. Spec. No. 1,266,607.

Dr Ronaldo Schmitz, head of BASF Espanola S.A., Barcelona, is to take over the BASF coatings chemicals division in Ludwigshafen on 1st July 1977, succeeding Dr Wolfgang Jentzsch who has been appointed to the executive board of BASF Aktiengesellschaft. The division will assume responsibility for BASF Farben & Fasern AG's activities in the Kast + Ehinger printing inks sector. Rudolf Duetemeyer, in charge of Urruzola S.A., Madrid, will succeed Dr Schmitz in Barcelona, assuming his new duties immediately.

THE Mercedes‐Benz Model DB‐601A aero‐engine is a development of the Daimler‐Benz Aktiengesellschaft of Stuttgart, Germany, a firm which lias been engaged in the manufacture of automotive and aero‐engines for over fifty years. During the first World War the Daimler Motorcn Gesellschaft of Stuttgart produced the famous Mercedes aero‐engines iii three 6‐cylindcr types with ratings of 160 horse‐power, 180 horse‐power, and 260 horse‐power. Equally renowned were the 160 horse‐power and 230 horse‐power 6‐cylindcr aero‐engines built by Benz and Company in Mannheim. After the war, and as a result of the economic and financial crisis which brought almost complete stagnation to the automotive industry in Germany during the early twenties, these two companies were practically forced to combine their activities in order to survive. Accordingly in 1926 a merger was consummated between the Daimler and Benz organizations. Thus came into being the firm of Daimler‐Benz A.G. and their product, the Mercedes‐Benz line of automotive vehicles and aircraft power plants.

(R)Hostaperm Red E5B 02 made by Hoechst Aktiengesellschaft, Frankfurt, is a new, quinacridone pigment which is said to have improved dispersion properties for the paint and printing ink sectors.

Investors in commercial paper (CP) markets include money market mutual funds, corporate treasurers, state and local governments, and commercial banks and their trust departments. The obligors in the market are predominantly large and highly creditworthy corporations. The credit risks faced by CP investors have been minimal historically. However, the general decline in corporate credit quality that began in the first half of the 1980s set the stage for the spate of credit problems and defaults that took place in many CP markets beginning in 1987. While the incidence of default has decreased since 1991, the credit risks faced by commercial paper investors have not subsided to pre‐1987 levels. This analysis addresses concerns generated by this surge in credit risk.

Describes the successful implementation by a major airline′s catering division of a comprehensive, computer‐controlled logistics system comprising two separate, fully automated warehousing and ordering systems, making order error a rarity and enabling three‐shift operation which has significantly increased profitability.