This paper investigates the relationship between director independence and firm performance, as well as ownership of firms and firm performance in Malaysia. We find that independent outside directors and foreign directors have a significant positive effect on firm performance after controlling for the influence of other corporate governance variables such as firm ownership and board sizes. The study demonstrates that when a critical mass of outside directors' independence is achieved, this has a significant economic impact on the firm performance. The (...) results have implications for rethinking board composition requirements in the emerging markets. [PUBLICATION ABSTRACT]. (shrink)

Sustainability is concerned with the impact of present actions on the ecosystems, societies, and environments of the future. Such concerns should be reflected in the strategic planning of sustainable corporations. Strategic intentions of this nature are operationalized through the adoption of a long-term focus and a more inclusive set of responsibilities focusing on ethical practices, employees, environment, and customers. A central hypothesis, that we test in this paper is that companies which attend to this set of responsibilities under the term (...) superior sustainable practices, have higher financial performance compared to those that do not engage in such practices. The target population of this study consists of the top 100 sustainable global companies in 2008 which have been selected from a universe of 3,000 firms from the developed countries and emerging markets. We find significant higher mean sales growth, return on assets, profit before taxation, and cash flows from operations in some activity sectors of the sample companies compared to the control companies over the period of 2006–2010. Furthermore, our findings show that the higher financial performance of sustainable companies has increased and been sustained over the sample. Notwithstanding sample limitation, causal evidence reported in this paper suggests that, there is bi-directional relationship between corporate social responsibilities practices and corporate financial performance. (shrink)

The demarcation between science and non-science seems to play an important role in the process of scientific change, as theories regularly transition from being considered scientific to being considered unscientific and vice versa. However, theoretical scientonomy is yet to shed light on this process. The goal of this paper is to tackle the problem of demarcation from the scientonomic perspective. Specifically, we introduce scientificity as a distinct epistemic stance that an agent can take towards a theory. We contend that changes (...) in this stance are to be traced and explained by scientonomy. Thus, we formulate a new law of theory demarcation to account for changes in scientificity within the scientonomic framework. (shrink)

The article is an introduction to the use of the principle of falsification in economic science. It is shown what difficulties the named criterion of demarcation encounters when trying to introduce it into humanitarian knowledge. The specificity of economic knowledge itself, which makes it difficult to use the principle of falsification, is explicated.

This study was performed in an attempt to investigate the following three hypotheses: 1) There is a significant relationship between locus of control and conformity. 2) Women conform more in comparison to men. 3) Men have a more internal locus of control compared to women. For this purpose, 365 university students were selected randomly as the sample group, and a questionnaire regarding locus of control and conformity was presented to them. The results showed that there does not exist a significant (...) relationship between them. Moreover, the results indicated that in different social positions, men conform significantly more than women. The only hypothesis in this study that was approved was the third one, such that in the scale of locus of control, men had a more significant internal locus of control compared to women. Finally, the limitations faced by this research and suggestions for future studies have been discussed. (shrink)

Design plays an integral role in the functions of modern society. Yet the abstract process by which designers carry out their work is not obvious. The study of design thinking has grown in recent years into a major area of academic research, yet it presently lacks a clear theoretical basis; and as a discipline, its methodologies are disparate. Here, we outline and clarify the framework of the scholarly study of design thinking, introducing the major ideas and concepts upon which the (...) field is based. We then discuss in detail the various methodological issues of the field, and argue that, in its current state, the field of design thinking cannot sustain itself as an independent area of academic research. We suggest that design thinking may best be studied from a sociological or science, technology, and society (STS) studies perspective. (shrink)

Part guide and part spiritual journey, this visually stunning book celebrates America's statewide system of historic back country roads. It takes armchair travelers on a richly illustrated journey thorough the most beautiful landscapes of one of the nation's most geographically diverse states, and serves as a guide for those who decide to embark on an actual trip over these charming lanes. The project began when photographer Bob Rashid undertook a two year odyssey to preserve the remarkable sights along the (...) 67 official Rustic Roads in Wisconsin. Wisconsin's Rustic Roads, in the images of Rashid and the words of five of Wisconsin's most recognized and cherished authors, is a testiment to places where the efficiency of a road is not measured by its speed, nor its purpose necessarily defined by a destination, and which beckons the reader to linger. (shrink)

This article has explored the impact of coronavirus disease 2019 -induced decline in consumer durables and mobility on nitrogen dioxide emission in Europe by providing empirical and graphical justifications based on consumer price index and gross domestic product deflator indexes. The empirical estimations show that carbon dioxide and NOx emission along with other greenhouse gases drastically decreased in the wake of COVID-19-induced lockdowns and decrease in the demand of consumer goods in Europe. This means that COVID-19 improved environment in the (...) European region. However, high cost makes COVID-19 an unstable solution to environmental woes where positive impact of COVID-19 on environment achieved in short run cannot be guaranteed in the long run. Besides environment, COVID-19 drastically curtailed economic activities and exposed them to the risk of economic crisis particularly in case of Europe. (shrink)

The high prevalence of aggression, anxiety and stress symptoms among team members in the organisation, while acquisition of task is alarming causation of adjustment disorder influences on team embeddedness, is the subject of this study. The ontogenesis of psychosocial adjustment disorder in any employees is not palingenetic, this is exact reproduction of psychosocial factors (PSF) which develops at workplace The most important strategy for productivity improvement is based on the fact that human productivity, both positive and negative, is determined by (...) the attitudes of all those who work in the enterprise and gap surfaced between teamwork and competence development particularly with regard to managing individualism within organisation and specifically individualistic approach, organisational justice, productivity management and psychosocial support. We strongly feel that there is a need to reexamine organisational team credentials and possible strong influences on individual’s psychosocial adjustment disorders. Findings suggest psychosocial adjustment factors are significantly correlated with psychosocial disorders (PSDs). (shrink)

How do we see the world? What is the way of looking at the world? In other words, how do we explain the problems of our life and the world we live in? This is what philosophy does, i.e., philosophy is a way of explaining life and the world. More precisely, philosophy is an outlook of the fundamental problems of life and the world. A philosopher starts his thinking with the exercise of rationality. He makes a rational investigation of the (...) problems with which he is concerned. In this sense, philosophy is a rational outlook of the fundamental problems of life and the world. A philosopher is a rational and critical thinker and in this way of thinking he formulates his ideas and builds theories about life and the world. In this sense, philosophy is mainly a theoretical activity and a philosopher is concerned with conceptual or theoretical activity. This is the traditional way of defining philosophy. Philosophy and Progress, Vol#61-62-; No#1-2; Jan-Dec 2017 P 15-42. (shrink)

We survey the meta-ethical tools and institutional processes that traditional Islamic ethicists apply when deliberating on bioethical issues. We present a typology of these methodological elements, giving particular attention to the meta-ethical techniques and devices that traditional Islamic ethicists employ in the absence of decisive or univocal authoritative texts or in the absence of established transmitted cases. In describing how traditional Islamic ethicists work, we demonstrate that these experts possess a variety of discursive tools. We find that the ethical responsa—i.e., (...) the products of the application of the tools that we describe—are generally characterized by internal consistency. We also conclude that Islamic ethical reasoning on bioethical issues, while clearly scripture-based, is also characterized by strong consequentialist elements and possesses clear principles-based characteristics. The paper contributes to the study of bioethics by familiarizing non-specialists in Islamic ethics with the role, scope, and applicability of key Islamic ethical concepts, such as “aims” (maqāṣid), “universals” (kulliyyāt), “interest” (maṣlaḥa), “maxims” (qawā`id), “controls” (ḍawābit), “differentiators” (furūq), “preponderization” (tarjīḥ), and “extension” (tafrī`). (shrink)

Applying the resolution–scale relativity principle to develop a mechanics of non-differentiable dynamical paths, we find that, in one dimension, stationary motion corresponds to an Itô process driven by the solutions of a Riccati equation. We verify that the corresponding Fokker–Planck equation is solved for a probability density corresponding to the squared modulus of the solution of the Schrödinger equation for the same problem. Inspired by the treatment of the one-dimensional case, we identify a generalization to time dependent problems in any (...) number of dimensions. The Itô process is then driven by a function which is identified as establishing the link between non-differentiable dynamics and standard quantum mechanics. This is the basis for the scale relativistic interpretation of standard quantum mechanics and, in the case of applications to chaotic systems, it leads us to identify quantum-like states as characterizing the entire system rather than the motion of its individual constituents. (shrink)

The purpose of this paper is to make sense of Marx's own view about justice in the light of the controversy between classical Marxism and normative Marxism. Normative Marxism claims that Marx's condemnation of capitalist exploitation and his conception of communism entertain a principle of justice, while classical Marxism does not allow any such principle in Marx's thought. However, I argue that although Marx uses normative terms, he does not provide any specific theory of justice. Marx's condemnation of capitalism is (...) based on the real interests of the workers, not on their moral norms, and his communist principle is a principle of distribution (as a principle of equality), not a principle of justice. (shrink)

The relationship between humans and nature has undergone much desecration in modern times. Nature is objectified, used and abused, without any moral limits. To counter such a devaluation of the living earth, we propose the concept of ‘being-with-nature’ by building on Heidegger’s work, and then deepen it through the philosophy and poetry of Rumi and Tagore. We emphasize the fundamental ontological connection between human beings and nature. The value of the latter also depends on how human beings understand the divine, (...) and how much and in what way nature is connected to the divine. Thus, we highlight some traditions and perspectives — rooted in pantheism or panentheism — that uphold the sacredness of nature. Rumi seeks and sees the Divine Beloved everywhere in nature. Through exceptionally vibrant imagery, he evokes the energy and presence of the living natural world. Tagore reminds us of the kinship we share with nature. For him, transcendence is to be found in immanence, and in this connection. Both Rumi and Tagore emphasize the dynamism of nature, and they see the sacred in it. There is a power and beauty to nature that cannot be reduced to its material or useful dimensions. Such intellectual traditions hold a lot of promise for environmental ethics and praxis. They can counter objectifying and extractive attitudes that stem from anthropocentric en-framings of the earth, and therefore share an important link with contemporary movements that seek to restore the sanctity of the natural world. (shrink)

For the sake of a respiratory philosophy, it makes sense to look to the East, since many Eastern traditions such as Sufism include breathwork in their somatic practices. In my paper, I aim to show how Rumi – a 13th century Muslim theologian and Sufi – used breath or nafas in his Persian poetry to outline how breathing is an originary phenomenon. My paper will take a few samples of his poetry to demonstrate how breath connotes a newness through the (...) “gift” of life that it endows upon us, and how the creative, endowing, and primal nature of breath is linked to an openness to the Divine Other and to others. Furthermore, for Rumi, every passing breath ushers in a new existence, annihilating its older form and thus creating an ontological sense in the reader of both the finiteness of existence through what has passed and the infinite possibilities it holds when the newness arrives. Bridging the finite and infinite through breath enables us to develop a respiratory ontology that aims to conceive of dualities through an interrelated perspective. This, I wish to argue, is the true promise of Rumi’s poetry for a philosophy of breathing. (shrink)

By interpreting Merleau-Ponty's “flesh” as the intertwining of dualities, my paper will show how metaphorical language reveals our non-dualistic and reversible reality by referring to the inter-related or confounding dualities of lover and beloved in the Sufi poetry of Rūmī. The metaphor lies between the writer’s expression of the real and the reader’s imaginal reception of it and mirrors the non-dualistic nature of reality. Using this conception, I will then move on to study the metaphor of lovers/beloveds alternating roles in (...) Rūmī’s poetry, which is grounded in the soteriological and social aspects of Sufi ideas and praxis. Hence, I will essentially be showing how aesthetics and comparative philosophy can prove to be fertile ground for cross-pollination and a more nuanced study of ontology for scholars interested in Merleau-Ponty’s embodiment and Sufi poetry as a form of philosophical discourse. (shrink)

This paper interprets John von Neumann's views on the proper role of mathematics in science, with attention to its implications for economics. The evolution of von Neumann's thought over his lifespan, an examination of which is greatly aided by some self-conscious appraisals of von Neumann himself, suggests that von Neumann ended by taking a very pragmatic approach to the use of mathematics. One can almost characterize it as an engineering approach to the philosophy of mathematics since von Neumann takes mathematics (...) to be justified by its applications. This approach, which is surprisingly non-technical and hence accessible to general readers, is then placed in the context of his wider world-view. (shrink)

This article examined the effect of culture and religiosity on perceptions of business ethics among students in a tertiary institution in Malaysia. A structured questionnaire was developed with scenarios on various aspects of business ethics, and self-administered to the students in the business studies program. The results from 767 respondents showed that there were significant differences among the Malays, Chinese, and Indian students on seven scenarios namely selling hazardous products, misleading instructions, selling defective products, padding expense account, taking sick to (...) take a day off, keeping quiet on defective products, and respond to supplier's take good care of clients attitude. There was also an association between culture and religiosity. The MANOVA results also showed that culture and religiosity have an effect on perceptions of business ethics. (shrink)

This paper presents a diagrammatic notation for visualizing epistemic entities and relations. The notation was created during the Visualizing Worldviews project funded by the University of Toronto’s Jackman Humanities Institute and has been further developed by the scholars participating in the university’s Research Opportunity Program. Since any systematic diagrammatic notation should be based on a solid ontology of the respective domain, we first outline the current state of the scientonomic ontology. We then proceed to providing diagrammatic tools for visualizing the (...) epistemic entities and relations of this ontology. These basic diagramming techniques allow us to construct diagrams of various types for both synchronic and diachronic visualizations. The paper concludes by highlighting some future research directions. As the notation presented here is de facto accepted and used in scientonomy, the paper suggests no modifications. (shrink)

The three‐dimensional architecture of the bacterial chromosome is intertwined with genome processes such as transcription and replication. Conspicuously so, that the structure of the chromosome permits accurate prediction of active genome processes. Although appreciation of this interplay has developed rapidly in the past two decades, our understanding of this subject is still in its infancy, with research primarily focusing on how the process of transcription regulates and is regulated by chromosome structure. Here, we summarize the latest developments in the field (...) with a focus on the interplay between chromosome structure and transcription in Escherichia coli (E. coli) as mediated by H‐NS—a model nucleoid structuring protein. We describe how the organization of chromosomes at the global and local scales is dependent on transcription, and how transcription is regulated by chromosome structure. Finally, we take note of studies that highlight our limited knowledge of structure‐function relationships in the chromosome, and we point out research tracks that will improve our insight in the topic. (shrink)

Social interactions through social commerce platforms empower consumers to share their personal experiences with others, but its role becomes more significant for societal protection during COVID-19. Numerous scholars have studied e-commerce extensively, but there is a lack of studies to identify social commerce characteristics to attract potential consumers during COVID-19. This study aims to examine the role of social commerce constructs by integrating social presence as a moderator in the model to explain consumers online shopping intentions in a Pakistani context, (...) where lack of trust on the reliability and validity of comments from other consumers being considered the growing concern toward the success of social commerce. The quantitative data were collected from the respondents living in different cities of Pakistan. Most of the hypothesis supported and demonstrate the positive response from the Pakistani consumers having experience in shopping through social commerce platforms. The findings of this study will help scholars and managers to understand the attitude of Pakistani consumers. (shrink)

Information of high evidentiary quality plays a crucial role in forensic investigations. Research shows that information provided by witnesses and victims often provide major leads to an inquiry. As such, statements should be obtained in the shortest possible time following an incident. However, this is not achieved in many incidents due to demands on resources. This intersectional study examined the effectiveness of a chatbot (the AICI), that uses artificial intelligence (AI) and a cognitive interview (CI) to help record statements following (...) an incident. After viewing a sexual harassment video, the present study tested recall accuracy in participants using AICI compared to other tools (i.e., Free Recall, CI Questionnaire, and CI Basic Chatbot). Measuring correct items (including descriptive items) and incorrect items (errors and confabulations), it was found that the AI CI elicited more accurate information than the other tools. The implications on society include AI CI provides an alternative means of effectively and efficiently recording high-quality evidential statements from victims and witnesses. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:DAVID HUME AND EIGHTEENTH CENTURY MONETARY THOUGHT: A CRITICAL COMMENT ON RECENT VIEWS To the argument that it makes little difference what precise roles were played by various actors in a great movement, and that the busy modern reader cannot be bothered to go behind the scenes of popular successes, the answer is simple: it is on the whole better to call men and events by their right names; (...) it is on the whole wiser not to make false diagrams of the way things happen. What, after all, are we so busy about? Jacques Barzun, Darwin, Marx, Wagner The praise that has been bestowed upon David Hume's monetary thought in recent years would suggest that however little attention is paid to the history of economic thought otherwise, no one is averse to a long and respectable lineage.1 However, it is just when an individual is singled out and focused upon that the most misleading ideas can arise; furthermore, when the scholars who provide this attention are renowned authorities in specialized fields, their views receive very widespread circulation. It would not be easy to find a contemporary student of the eighteenth century who would assert that the mercantilists believed real wealth to consist of gold and silver, yet the late Harry Johnson made just such an assertion not very long ago, and the number of economists who read Harry Johnson must far outnumber those who read eighteenthcentury scholars.2 By the same token, the liberal praise bestowed upon those credited with having "demolished" mercantilism, such as David Hume, requires careful scrutiny. A recent article by Dietrich Fausten3 has shown how different Hume's analysis 157 actually was from modern monetarism, despite the many attempts to designate Hume the father of monetarist doctrines, and this critical approach can be taken farther. Before turning to an examination of Hume's position, it may be worthwhile to make a methodological point. There are those who consider delving into indebtedness and priorities "antiquarian" (but not if their own contributions are in question!). After all, they claim, Hume's views are there in black and white, he wrote elegantly and his philosophical merits are widely admired; does it really matter if Hume did not acknowledge his sources, that he was somewhat inconsistent, or that he caricatured his opponents? Surely some compassion is appropriate for someone who wrote at the very dawn of "economic science." This is to miss the point of such historical scrutiny altogether. If compassion were required, why should it be bestowed upon Hume, rather than on such predecessors as Gervaise, Cantillon or Vanderlint? Scholars employ certain critical standards in judging published work; let us employ these standards to Hume and if sympathy be required, let it follow and not precede the analysis. II The following passage is certainly one of the most frequently quoted in the history of economics but its importance for our argument makes repetition necessary. Suppose, that all the money of Great Britain were multiplied fivefold in a night, must not the contrary effect follow? Must not all labour and commodities rise to such an exorbitant height, that no neighbouring nations could afford to buy from us; while 158 their commodities, on the other hand, became comparatively so cheap, that, in spite of all the laws which could be formed, they would be run in upon us, and our money flow out; till we fall to a level with foreigners, and lose that great superiority of riches, which had laid us under such disadvantages?4 Two points should be noted about the above. First, Hume assumes a sudden, large inflow of money to make his point. This is a very different thing from the small [relative to the money stock] and steady inflow advocated by the so-called mercantilists. Secondly, Hume assumes that this sudden inflow is met by instantaneous adjustment in prices. Otherwise, if the change in, say, wages attracts more labour, there is no reason why the increased money supply could not lead to a greater output and thus avoid inflation. International labour mobility was a standard feature of mercantilist thought and so it will be seen that Hume's "new" result is obtained by his... (shrink)

This study examines the influence of managerial ownership on firm agency costs among listed firms in Bangladesh. This is an institutional setting that features a mixture of agency costs. This institutional setting has a concentration of ownership by managers, but the firms are not solely owned by managers. The extant literature suggests that the sacrifice of wealth by the principal and potential costs associated with monitoring the agents is known as the agency cost. This study uses three measures of agency (...) cost: the ‘expense ratio’, the ‘Q-free cash flow interaction’, and the ‘asset utilisation ratio’. The finding of the study is that managerial ownership reduces the firm agency cost only under the ‘asset utilisation ratio’ measure of agency cost; this is robust with regard to a number of robustness tests. Furthermore, the non-linearity tests suggest that the convergence of interest is evident with very high and low levels of managerial ownership. The entrenchment effect by the owners is evident at moderate levels of managerial ownership. Although there has been great scepticism among management researchers on the validity of agency theory, overall, the findings of this study do not reject the validity of agency theory. Given that the entrenchment by managers is evident at certain levels of ownership and that the agency problem may still exist between insiders and outsiders, legislative guidelines for controlling share ownership may be required. (shrink)

Excessive use of social media is a developing concern in the twenty-first century. This issue needs to be addressed before it has any more significant consequences than what we are currently experiencing. As a preventive technique, advertisements and awareness-raising campaigns about the detrimental impact of digital technologies are used. The application of novel mathematical techniques and terminologies in this field of study will have significant potential to enhance healthy living by preventing certain ailments. This is the most compelling justification for (...) conducting a new study with the most up-to-date techniques at our disposal. This study investigates clear and concise transmission in order to generate a deterministic mathematical model of social media addiction S M A using the fractal-fractional derivative operator. Also, the analysis of the S M A model in terms of the invariant domain, the existence of a positive invariant solution, and equilibria assumptions are stated in a detailed manner. Besides that, the basic reproduction number ℝ 0 < 1 is computed, demonstrating that the proposed methodology is more efficacious. The Atangana-Baleanu FF differential operators are recently defined in FF differential operators that are applied to characterize the S M A model’s mathematical algorithm. We investigated the numerical behaviour of the S M A in three ways: changing the fractional-order α as well as the fractal-dimension ℘ ; changing α while keeping ℘ constant; and changing ℘ while keeping α constant. Our examined visualizations and simulation studies using MATLAB for the numerical modelling of the aforementioned system showed that the novel developed Atangana-Baleanu FF differential operators produce remarkable results when compared to the classical frame. (shrink)

The research seeks to ascertain the influence of the Needham and Cosgrove-Osborne models on the comprehension of educational foundations among students at the Faculty of Education. Employing a partially controlled experimental design, the researcher randomly selected a control group from Division C, with Division A representing the first experimental group and Division B the second. The study involved 92 participants, with 30 students in each experimental group and 32 in the control group. To ensure statistical equivalence among the three groups, (...) the researcher utilized one-way analysis of variance (ANOVA) to assess variables such as chronological age (in months), intelligence test results, and the previous year's Grade Point Average (GPA). A test was crafted to evaluate concept acquisition, with its validity and reliability duly established. Upon statistical analysis of the students' responses using ANOVA and the Scheffe test to pinpoint differences in means, the findings revealed significant disparities between the average scores of students in the first and second experimental groups, who studied the subject matter using the Needham, Cosgrove, or Osborne models. The researcher posits that the Needham and Cosgrove-Osborne models should be integrated into teaching practices, given their demonstrated effectiveness as instructional paradigms. (shrink)

The ability to initiate DNA replication is a critical step in the proliferation of all organisms. In bacteria, this process is mediated by an ATP‐dependent replication initiator protein, DnaA, which recognizes and melts replication origin (oriC) elements. Despite decades of biochemical and structural work, a mechanistic understanding of how DnaA recognizes and unwinds oriC has remained enigmatic. A recent study by Pelliciari et al. provides important new structural insights into how DnaA from Bacillus subtilis recognizes and processes its cognate oriC, (...) showing how DnaA uses sequence features encoded in the origin to engage melted DNA. Comparison of the DnaA‐oriC structure with archaeal/eukaryl replication origin complexes based on Orc‐family proteins reveals a high degree of similarity in origin engagement by initiators from di domains of life, despite fundamental differences in origin melting mechanisms. These findings provide valuable insights into bacterial replication initiation and highlight the intriguing evolutionary history of this fundamental biological process. (shrink)

In this research article, we presented the idea of intuitionistic fuzzy incidence graphs along with their certain properties. The number of operations including Cartesian product, composition, tensor product, and normal product in an IFIGs are also investigated. The method to compute the degree of IFIGs obtained by CP, composition, tensor product, and the normal product is discussed. Some important theorems to calculate the degree of the vertices of IFIGs acquired by CP, composition, tensor product, and normal product are elaborated. An (...) application of CP and composition of two IFIGs in the textile industry to find the best combinations of departments expressing the highest percentage of progress and the lowest percentage of nonprogress is provided. A comparative analysis of our study with the existing study is discussed. Our study will be beneficial to comprehend and understand the further characteristics of IFIGs in detail. Another advantage of our study is that it will be helpful to find the maximum percentage of progress and minimum percentage of nonprogress in different departments of universities, garment factories, and hospitals. (shrink)

This study examines the influence of board independence on firm agency cost among listed firms in Bangladesh, which feature concentrated ownership and high insider representation on corporate boards. This study uses three measures of agency cost: the ‘expense ratio’, the ‘Q-free cash flow interaction’ and the ‘asset utilization ratio’. The finding of the study is that board independence can reduce the firm agency cost only under ‘asset utilization ratio’ measure of agency cost. These findings are robust to several robustness tests. (...) Furthermore, the non-linearity tests suggest that the benefit of outside independent directors is generally plausible as a factor controlling agency costs in the case of a medium level of board independence. Overall, these findings do not reject the validity of agency theory, supporting the Anglo-American orthodoxy promoting outside independent directors as good monitors. (shrink)