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The present paper aims to question the rationale of paying a high remuneration to executives who are presiding over loss-making companies. The neoclassical wage model asserts that the remuneration of executive directors is positively related to their company’s financial performance. However, evidence suggests that executives can obtain a higher level of personal compensation regardless of how the company performs.

The relationship between executive remuneration and performance for viable but loss-making Bombay Stock Exchange (BSE)-listed companies has been studied for 2009-2011. The paper examines the determinants of the level of executive remuneration as well as discerns the strength of the remuneration–performance relationship, both at the overall and across various board hierarchical levels, using the JM sensitivity and HL elasticity models.

Results for univariate and multivariate analyses highlight that both the remuneration–performance sensitivity and elasticity are weak. Further, factors such as ownership structure, risk and industry class moderate the remuneration–performance elasticity. It seems that it is only the lower rung of executive directors whose cash remuneration gets adversely affected with the performance of the company.

The paper offers valuable insight into the complexities relating to the remuneration performance relationship by putting forth a multi-theoretical perspective. The fact that executives are drawing a whopping remuneration while their companies continue to report disappointing results suggests that a catalytic role has to be played by the government so as to ensure that executive remuneration policies and practices are consistent with the company’s long-term objectives and control environment.

A semiparametric stochastic frontier model is proposed for panel data, incorporating several flexible features. First, a constant elasticity of substitution (CES) production frontier is considered without log-transformation to prevent induced non-negligible estimation bias. Second, the model flexibility is improved via semiparameterization, where the technology is an unknown function of a set of environment variables. The technology function accounts for latent heterogeneity across individual units, which can be freely correlated with inputs, environment variables, and/or inefficiency determinants. Furthermore, the technology function incorporates a single-index structure to circumvent the curse of dimensionality. Third, distributional assumptions are eschewed on both stochastic noise and inefficiency for model identification. Instead, only the conditional mean of the inefficiency is assumed, which depends on related determinants with a wide range of choice, via a positive parametric function. As a result, technical efficiency is constructed without relying on an assumed distribution on composite error. The model provides flexible structures on both the production frontier and inefficiency, thereby alleviating the risk of model misspecification in production and efficiency analysis. The estimator involves a series based nonlinear least squares estimation for the unknown parameters and a kernel based local estimation for the technology function. Promising finite-sample performance is demonstrated through simulations, and the model is applied to investigate productive efficiency among OECD countries from 1970–2019.

This paper aims to examine the effect of the Sarbanes–Oxley Act (SOX), which was signed by President George W. Bush and came into effect on July 30, 2002, on firm productivity.

The authors use the total factor productivity (TFP) as our measure of firm productivity.

Analyzing annual firm-level data from the Compustat database for the period of 1991-2006, the authors find that firm productivity increases at a higher rate in the post-SOX period. The results indicate that, although firms incur significant costs in complying with the requirements of the SOX, they also benefit from these requirements as evidenced by the improved productivity over time post-SOX. There is also a shift in the output elasticities from capital toward labor. The SOX has a positive effect on the output elasticity of labor but a negative impact on that of capital.

The results have the following important implications. The SOX is a value-enhancing regulation in that it not only strengthens a firm’s corporate governance but also improves its productivity. However, compliance with the SOX can impose a long-term cost on firms: the decrease in the capital investment, leading to a decline in the output elasticity of capital. If this decline in the capital investment continues, it can have an adverse effect on firm productivity in the long term.

This paper extends the literature along the line of the actual operational effects of the SOX regulation by examining its effect on the productivity of firms.

This paper aims to present a new mathematical model for laminated rhombic conoids with reasonable thickness and depth. The presented model does not require the shear correction factor, as transverse strain variation through the thickness was assumed as a parabolic function. The zero transverse shear stress provision at the bottom and the top of rhombic conoids was enforced in the model. The presented model implemented a C⁰ finite element (FE) model, eliminating C¹ continuity requirement in the mathematical model. The proposed model was validated with analytical, experimental and other methods derived from the literature.

A novel mathematical model for laminated composite skew conoidal shells has been proposed. Parabolic transverse shear strain deformation across thickness is considered. FE coding of the proposed novel mathematical model was done. Slope continuity requirement associated with present FE coding has been suitably avoided. No shear correction factor is required in the present formulation.

This is the first attempt to study the bending response of laminated rhombic conoids with reasonable thickness and depth. After comparisons, the parametric study was performed by varying the skew angles, boundary conditions, thickness ratios and the minimum rise to maximum rise (hl/hh) ratio.

The novelty of the presented model is reflected by the simultaneous addition of twist curvature in the strain field as well as the curvature in the displacement field allowing the accurate analysis of reasonably thick and deep laminated composite rhombic conoids. The behavior of conoids differs from that of usual shells such as cylindrical and spherical due to the conoid’s inherent twist curvature with its complex geometry and different location of maximum deflection.

We review the role immigration amnesties have played in US immigration policy, placing them in the context of similar programs embarked upon by other nations. The theory of amnesties suggests rent-seeking, bargaining, and costs as reasons for a country offering an amnesty, often in conjunction with increased border controls, internal enforcement and employer penalties. We model an immigration amnesty in which the destination country has a formal sector employing only legal immigrants, an informal sector employing both legal and illegal immigrants, and open unemployment. The model focuses on the productivity enhancing effects of legalization, and establishes specific conditions under which unemployment, the informal sector and the formal sectors increase/decrease in size. Building on these insights, our empirical work examines Mexican migration to the US. We study who are migrants; among migrants, who are legalized via Immigration Reform and Control Act (IRCA), and who are legalized via sponsorship of family or employer. Furthermore, to measure the impact of amnesty on welfare of migrants, we estimate earnings equations of various migrants groups.

This paper introduces thermal‐stress analysis methods which follow electrical engineering procedures. The spring constant or c‐value is found to be related to the electrical impedance, combining dimensions and material characteristics in a performance parameter which simplifies calculations. Voltage is used to represent thermal deformation, and thermal forces are modelled as currents. Relationships equivalent to Ohm's Law are applied to calculate thermal stresses in leads or traces of surface‐mount assemblies. The thermal performance of laminates, e.g., thermal expansion coefficients of interconnect boards with a restraining core, and the thermal stresses in the bonded layers, are derived from the analysis of an electrical network which represents the composite structure. The method provides visual concepts which facilitate a first‐order solution of engineering problems related to thermal stress.