Background/Problem: The financial crisis in 2008 affected the whole economy and the CEO's compensation was one of the factors causing this crisis. Although, it is now years after the onset of the financial crisis, the CEO’s compensation is still an ongoing topic of debate and, for this reason, vital to study. According to literature, non-family CEOs are more likely to emphasize financial performance rather than socioemotional objectives and returns. On the contrary, family CEOs are more motivated by socioemotional wealth and non-financial goals. Taking these viewpoints into consideration, this study examines how CEOs in family firms view and value compensation and rewards. Purpose: This study aims to explore how family CEOs view and value compensation and rewards, in comparison to non-family CEOs in family firms. Method: This study is conducted using a qualitative method and utilizing semi-structured interviews. Five family firms participate in this study and they comprise of 4 family CEOs and 1 non-family CEO. Conclusion: The findings of this study support the idea that family CEOs view and value compensation and rewards in other terms than just financial value. Moreover, the evidence points to that the non-family CEO is more connected to financial factors. Weighing together the evidence from this study there is a difference regarding how family CEOs and non-family CEOs view and value compensation and rewards. Additionally, based on this research, SEW exists within family firms. The findings in this study contribute to the current knowledge in designing compensation packages for CEOs in family firms. Moreover, this study is the first step towards enhancing our understanding of how CEOs view and value compensation and rewards.

This thesis is about reactive power compensation in industrial network. Task is design reactive power compensation devices, so that the power factor, which is main indicator of power quality, was within the limits required by the distributor. This is applied to wholesale customers of electrical energy. Reactive power consumed by appliances increased the current that flows through the network, transmission losses and voltage drop. Reactive power compensation is a measure reducing load current and ohmic losses in a supply line. Given that the compensation is one of the significant cost-saving measures in electric power distribution. Distributor requires electric power consumption with a lagging power factor in the range from 0,95 to 1. Other values of power factor are penalized.

The intent of this paper is to discuss how the recent court rulings on the current workers compensation statutes will impact the rules to Florida’s workers compensation laws. Workers Compensation system is a social justice system that protects both the employer and employee. Employees that are injured while in the course and scope of their employment give up the right to sue, making workers compensation an exclusive remedy. In exchange for giving up that right, the injured worker receives statutory benefits in a no-fault system. This paper covers the legislative changes over the years that have impacted the constitutionality of the system and discusses how these changes have failed to uphold the legislative intent and design of the entire system. It covers the decisions rendered by the Florida Supreme Court and discusses the implications of those decisions.

功能性委員會－薪酬委員會之設置可被認為是強化公司治理的關鍵之一， 其主要功能是在於協助公司完成健全高階經理人之考核與薪酬管理制度，並讓 公司治理結構更加完善。薪酬委員會之設置已在歐美國家行之有年，而我國至 最近 2011 年才強制上市櫃及興櫃公司設置薪酬委員會，目的在於希望藉由薪 酬委員會之設置能有助於屏除公司經營團隊存有肥貓之疑慮。而距離實施已有 一年之時間，本研究主要在於探討現階段上市櫃公司薪酬委員會組成及品質與 代理問題之關聯性。實證結果發現：由公股主導之上市櫃公司，委員會委員擁 有學術背景之佔比愈高；專業經理人治理及盈餘分配比愈高之上市櫃公司，委 員會委員擁有企業界背景之佔比愈高；機構投資人持股比愈高之上市櫃公司， 委員會委員擁有學術及企業兩者經驗之佔比愈高；經理人持股愈高、機構投資 人持股比愈高之上市櫃公司，薪酬委員會品質愈佳；盈餘分配比愈高、有交叉 持股行為之上市櫃公司，其薪酬委員會品質愈差。 / The compensation committee plays an important role in enhancing cooperate governance. The purpose of the compensation committee is not only to administer and evaluate the company's compensation policies for the board of directors, but also to set appropriate and supportable pay programs for the CEO and other executive officers of the company. The existence of compensation committee is common in developed countries, but was just required in Taiwan since 2011. Therefore, this paper mainly focuses on the composition of compensation committee and its quality associated with agency problem. By using sample of 1,440 listed companies in Taiwan, the result shows that government-owned corporations tend to have a higher proportion of their compensation committee members from academic background; companies ruled by managers tend to have a higher proportion of their compensation committee members with business background; the higher the proportion of institutional investors in the company, the higher the proportion of the compensation committee members possess both academic and business experience. In addition, CEO’s shareholding and institutional investors’ shareholding are positively associated with the quality of the compensation committee. However, the cash flow right is negatively associated with the quality of the compensation committee; a company with cross-shareholding characteristic is also negatively associated with the quality of the compensation committee. Key

Bhattacharyya（2007）建立一個連結企業管理階層薪酬與現金股利的模型。該模型指出在既定的可用現金下，企業管理階層薪酬與現金股利支付率呈負相關。本研究參考上述模型，以2005年至2008年國內上市櫃公司資料為樣本，使用Tobit模型檢視樣本公司高階經理人薪酬、董監事薪酬與現金股利支付率之關聯性。本研究實證結果符合上述模型之推論，亦即高階經理人總薪酬與公司之現金股利支付率呈顯著負相關。 　　本研究另將高階經理人薪酬區分為現金薪酬與股票薪酬，進行額外的分析，其結果顯示高階經理人之股票薪酬與公司現金股利支付率呈顯著負相關。換言之，台灣上市櫃公司（尤其高科技產業）常使用之股票薪酬合約，其性質具有長期激勵之效果。在公司既定的可用現金下，此種合約不但可激勵高品質的高階經理人選擇淨現值為正的投資方案，且可確保經理人不因短期投資方案而犧牲公司的長期利益。 / Bhattacharyya (2007) proposed a dividend payout model in which executive compensation is associated with the level of cash dividends. The model shows that for a given level of cash available for distribution, there is a negative　relationship between a company’s dividend payout ratio and its managerial compensation. This study applies the above model to a sample of the listed companies at the Taiwan Stock Exchange (TSE) and the Gre Tai Securities Market (GTSM) from 2005 to 2008. The Tobit regression results are consistent with the Bhattacharyya (2007) model’s prediction, i.e., the dividend payout ratios of sample firms have negative associations with their managerial compensations. 　　In addition, this study classifies executive compensation into cash and stock payments for further analyses. The results show that dividend payout ratio is negatively correlated only with the stock portion of executive compensation. It means that for a given level of available cash for distribution, the nature of stock compensation has the long term effects which not only encourage a company’s executives to invest more in the projects with positive NPV without sacrificing the company’s benefits, bus also leave less cash for　distribution as dividends.

This master thesis is focused on the complicated mechanism of financial compensation in the Federal Rebublic of Germany. Its aim is the analysis of functioning of the mechanism at different levels of the public administration of the federation (federal level, level of the federal states, municipal level). The thesis approximates the current discussion on financial compensation and describes the position of the capital city Berlin in process of the financial compensation.

En arbitrage international comme dans la majorité des systèmes de droit, la réparation du dommage est une question essentielle dans la résolution des litiges et implique la détermination d’un dommage réparable et de l’étendue de la réparation, ainsi que l’évaluation de ce dommage. L’arbitrage d’investissement, qui tranche les litiges entre Etats et investisseurs étrangers, personnes privées, est au carrefour entre les droits nationaux et le droit international, entre responsabilité contractuelle et responsabilité internationale des Etats, entre droit commercial et droit public, et reflète ainsi l’ensemble des problématiques récurrentes soulevées par la réparation du dommage. La publicité fréquente des sentences rendues en la matière permet d’analyser les solutions qu’y apportent les tribunaux arbitraux, révélant l’existence d’une réelle pratique cohérente et développée. L’étude de la jurisprudence arbitrale d’investissement montre une coexistence de questions de fait et de droit, de problématiques juridiques et économiques, tout au long du processus de détermination du dommage et de l’étendue de la réparation, puis de celui de la détermination du montant accordé à la victime. Les exigences juridiques de certitude, prévisibilité et causalité du dommage, de même que les principes de réparation intégrale et adéquate, sont influencés de manière significative par des considérations économiques et d’équité. Dans le mouvement inverse, les règles financières qui sont appliquées par les arbitres pour l’évaluation du dommage, indépendamment du droit applicable, sont de plus en plus juridicisées. Identifier ce corps de règles applicables à la réparation du dommage et l’application qui en est faite dans l’arbitrage d’investissement constitue une clarification nécessaire pour permettre aux acteurs internationaux de connaître l’étendue de leurs droits et obligations. / In international arbitration, as in most legal systems, compensation of damage is a key part of dispute resolution. It is a threefold process: the arbitral tribunal decides on compensable damage, then on the extent of compensation, and finally, evaluates damage. Investment arbitration, which settles disputes between states and foreign investors - private entities - is at the crossroads between national and international law, between contractual liability and international state liability, between commercial and public law, thus covering the wide scope of issues raised by compensation of damage. The awards given in this field are often made public, allowing for an analysis of the – thoroughly consistent – solutions brought forward by arbitral tribunals. This study shows how, throughout the process of compensation of damage, questions of fact and law as well as legal and economic issues are raised. The legal requirements of certainty, foreseeability and remoteness of damage are significantly impacted by the economic context and by the notion of fairness. Conversely, the financial rules applied throughout the process of damage evaluation, without taking into account applicable law, are increasingly governed by law. Identifying the corpus of rules that are applied throughout the process of compensation of damage, and studying the way these rules are applied in investment arbitration therefore represents a useful tool for international bodies seeking to understand their own rights and duties.

As time progresses and compensation increases for CEOs, the need for information will be required to debate whether it is rational for CEOs to receive more pay in various forms. According to agency theory, CEOs have an intrinsic need to act in their self-interests, while the shareholder requires value creation and implements various safeguards to ensure that the CEOs do what they are expected to do. Therefore, corporate governance, which is a part of corporations' mechanisms, could be an act to minimise agency costs while forming the CEOs' compensation and controlling the work with various measures. Financial performance methods themselves, such as comparing revenue between years to control CEOs' work, are indeed essential to see if these could influence the CEOs' agenda.  There have been previous studies regarding CEO compensation and company growth. However, there is a lack of research made in Sweden, especially for listed companies on OMX Stockholm. This research found a relationship between CEO compensation and firm growth. Nonetheless, previous research has shown contradicting results. This thesis performed a panel data regression that includes 354 unique firms that formed the OMX Stockholm PI, an index on Nasdaq. The firms have been observed for seven years, creating a data set with approximately 2,500 observations.

This study examined the effect of a score card¬-based performance pay plan in a professional services firm. The plan was implemented in response to a decreasing trend in productivity and a desire for a formal incentive compensation plan. Performance of manager and senior manager accountants were analyzed across two departments over a five year period. A definitive account of the effects of the intervention is limited by the case-¬study design, but the data does suggest that the performance pay plans used did not adversely affect performances. Design limitations of the plan and future research are also discussed.

La voix est tout sauf un stimulus auditif ordinaire. Pour cause, elle prend son importance de manière très précoce chez l’Homme lorsque, dans l’environnement amniotique, le fœtus entend pour la toute première fois la voix de sa mère. C’est en quelque sorte par l’intermédiaire de cette voix que les premiers contacts avec le monde extérieur, mais également avec l’Autre, s’effectuent. Le statut particulier de la voix humaine perdure au fil du développement, devenant plus tard le principal médium véhiculant le langage oral, si significatif pour l’Homme. En parallèle, et de manière tout aussi adaptative, elle permet la transmission d’informations non langagières renseignant sur l’identité, l’état émotionnel mais également le statut social de chaque individu. C’est ainsi que simplement en entendant la voix d’une personne inconnue, il est généralement possible d’en extrapoler son âge, son genre, mais également d’avoir une idée assez précise de l’état émotionnel dans lequel elle se trouve. Les capacités permettant d’extraire de la voix les divers éléments informationnels qu’elle contient ne seraient toutefois pas stables au fil du temps. Ainsi, le vieillissement normal semble associé à des difficultés de traitement des informations vocales de nature langagière, mais également non langagière. De nombreuses études se sont intéressées au déclin des capacités de traitement du discours avec l’âge. Beaucoup moins de travaux ont cependant considéré les conséquences du vieillissement sur le domaine paralinguistique et, lorsque des travaux s’y sont attardés, c’est essentiellement la sphère affective qui a été investiguée. En raison de ce peu d’études, mais également de leur focus portant spécifiquement sur la sphère émotionnelle, il est extrêmement ardu de généraliser les résultats obtenus au traitement vocal général. La présente thèse s’est donc intéressée aux capacités de traitement de la voix dans le vieillissement normal. La première étude de cette thèse (Article 1) avait pour objectif d’évaluer l’impact du vieillissement normal sur les capacités comportementales de traitement paralinguistique vocal non émotionnel. Pour ce faire, une batterie informatisée composée de quatre tâches a été élaborée : la batterie d’évaluation de la perception vocale (Batterie EPV; tâches de catégorisation de genre, de discrimination de sources sonores, adaptative de discrimination et de mémorisation). Cette batterie permettait de comparer les performances d’adultes jeunes et âgés lors du traitement de stimuli vocaux et non vocaux, mais également lors du traitement de divers stimuli vocaux. Cette première étude met en évidence, pour trois des quatre tâches comportementales, des performances inférieures chez les adultes âgés et ce, malgré le contrôle statistique des contributions du déclin auditif et cognitif. Pour les aînés, le traitement de stimuli vocaux, en comparaison au traitement de stimuli non vocaux, n’était toutefois pas systématiquement inférieur à celui des jeunes adultes. Sans que les performances ne puissent être prédites par la mesure cognitive utilisée comme covariable (performances au MoCA), il appert que les demandes cognitives inhérentes aux tâches participent à ces différences intergroupes. Le second article de ce travail visait quant à lui à explorer à l’aide de l’imagerie par résonnance magnétique fonctionnelle (IRMf), l’influence du vieillissement normal sur les réseaux neuronaux sous-tendant le traitement de l’information vocale, une telle investigation n’ayant jamais été effectuée auparavant. Pour ce faire, une tâche d’écoute passive (permettant le contraste de blocs de sons vocaux et non vocaux) ainsi qu’une tâche adaptative de discrimination ont été utilisées. La tâche adaptative, basée sur une type de protocole psycoacoustique « up-down », assurait l’obtention de niveau de performance équivalent entre les deux groupes, une condition nécessaire pour la comparaison de groupe au niveau neurofonctionnel. La comparaison des adultes jeunes et âgés n’a mis en évidence aucune disparité quant au recrutement des aires répondant préférentiellement à la voix : les aires vocales temporales (AVT). Ce résultat suggère que l’âge n’affecte pas la mobilisation des aires spécialisées dans le traitement de la voix. Néanmoins, à l’extérieur des AVT et chez les aînés, le sous recrutement d’une portion du cortex auditif a été observé, en parallèle au recrutement additionnel de régions pariétale, temporale et frontale (Article 2 – Étude 1). Lors de la réalisation d’une tâche adaptative de discrimination, contrairement à ce qui était attendu, les seuils de discrimination des deux groupes d’âges étaient comparables. Pour effectuer la tâche, les participants âgés ont cependant recruté un réseau neuronal plus étendu que celui des jeunes adultes, et pour les aînés, l’activation additionnelle de régions frontale et temporale sous-tendaient la réalisation de la tâche (Article 2 - Étude 2). Les données comportementales présentées dans cette thèse suggèrent que l’effet délétère que semble avoir le vieillissement normal sur les capacités de traitement paralinguistique vocal affectif est également retrouvé lors du traitement d’informations vocales émotionnellement neutres. En parallèle, la mise en place de phénomènes de plasticité cérébrale est objectivée. Ces derniers ne toucheraient cependant pas les réseaux spécialisés dans le traitement de la voix, qui seraient recrutés de manière comparable par les adultes jeunes et âgés. Néanmoins, la tâche d’écoute passive a mis en évidence la présence, chez les aînés, du recrutement sous-optimal d’une portion du cortex auditif (gyrus temporal transverse). En parallèle, et ce pour les deux tâches, des réseaux neuronaux surnuméraires étaient sollicitées par les adultes âgés, permettant potentiellement d’assurer, chez les ainés, le maintien de performances adéquates. / Amongst all the sounds present in our environment, the human voice is probably the most significant one. Indeed, it takes its importance very early on, when, in the amniotic environment, the foetus hears the voice of its mother. Through this voice, the first contacts with the World but also with others are made. This special status of voice remains during the development, since it later becomes the medium via which speech is carried. Indeed, not only does voice convey oral language, but it also passes on a wide array of paralinguistic information characterising each individual. In fact, simply by hearing a voice, we are generally able to determine the age, identity, social status but also the mood in which the speaker is at the moment. However, during normal aging, the processing of the information contained in voice, may it be linguistic or not, appears to become more difficult. In the paralinguistic domain, the deleterious effects of normal aging were mainly explored via affective prosody. It is thus quite difficult to generalize those results to the processing of vocal information in general. In addition, cerebral reorganization accompanying normal aging was characterized for speech perception, but the effects of age on the cerebral processing of paralinguistic vocal information still remain unclear. The main purpose of this work was to palliate to this shortcoming. The first study presented in this thesis (Article 1) evaluated the impact of normal aging on the behavioral processing of non affective paralinguistic vocal information by comparing the performances of young and older adults. To do so, a computerized battery was created: the Voice Perception Assessment battery, which comprised four behavioral tasks (VPA battery; gender categorization task, auditory source discrimination task, adaptive discrimination task and memory task). The tasks created allowed the comparison of vocal and non vocal processing, as well as the comparison of the processing of different types of vocal stimuli. Our results indicate that, while controlling for cognitive and auditory decline, older adults were less efficient than younger participants for three of the four VPA tasks. However, a systematic age-related decline for vocal processing was not observed. The task performances could not be predicted by the cognitive measure selected as a control variable (MoCA scores). However, the disparities in task demands seem to explain a portion of the paralinguistic vocal processing age-related decline observed. The main purpose of the second article was to empirically assess, using functional magnetic resonance imagery (fMRI), the impact of normal aging on the neural networks underlying the processing of human voice, as it has never been done yet. To do so, a passive listening task (contrasting vocal and non vocal blocks of sounds) and an adaptive discrimination task were used. The adaptive task, based on a transformed up-down protocol, allowed us to insure equivalent performance levels in both age-groups, a necessary condition to neurofunctional group comparison. Our results indicate that young and older adults recruited similarly the cortical areas preferentially responding to voice, the Temporal Voice Areas (TVA). In parallel, outside the TVA, an age-related under recruitment of a portion of the auditory cortex was observed, as well as an over recruitment of parietal, temporal and frontal regions (Article 2 – Study 1). For the adaptive discrimination task, contrary to what was expected, the discrimination thresholds of both age-groups were similar. Nevertheless, to be able to perform the task, older adults needed to engage cortical regions in the temporal and frontal lobes that younger adults did not recruit (Article 2 – Study 2). The behavioral data presented in this work suggest that normal aging can be associated with a decline of the capacity to process non affective paralinguistic vocal information. The observed age-related differences appear to be more salient when the cognitive demands of the task are high. In parallel, mechanisms of cerebral plasticity appear to take place as well. Those phenomena however do not seem to affect the way the cortical areas specialized in the processing of human voice are recruited, which remains the same between young and older adults. However, the passive listening task elicited an age-related under-recruitment for a portion of the auditory cortex (left transverse temporal gyrus). Both for the passive listening task and the adaptive discrimination task, an over-recruitment of additional networks were observed for older adults. This extended network could contribute to the preservation of adequate performance in older adults.