The manager's personal wealth is one of the central building blocks of agency theory, which considers wealth to be an especially important source of individual utility. The managers' financial position, or the portion of their financial well-being that is not dependent on the firm, is also introduced in the original formulation of upper echelons theory. However, despite the importance of executive personal wealth to both theories, it is rarely mentioned, and even more scarcely studied. My research builds on and extends agency and upper echelons theories by focusing on executive personal wealth, defined here as the portion of executive net worth that is not attached to current employment at the firm (i.e., not contingent on current or future earnings). As such, this research provides an initial answer to the following research question: how does the average personal wealth of the top management team as well as within-team differences in wealth influence firm strategic choices with respect to risk? Specifically, I argue that external wealth alters how managers view firm decisions regarding risk; thus, I hypothesize that average top management team (TMT) wealth is negatively related to firm unrelated diversification, positively related to R&D investments, and positively related to firm risk. Next, I propose that two types of within-group diversity ? TMT wealth diversity and TMT pay dispersion ? attenuate the effect of average TMT wealth on these firm outcomes. I test my hypotheses on a panel dataset of over 700 firms/TMTs from the S&P1500 over 2002?2008 using panel tobit and fixed effect models, and conduct multiple robustness checks. Empirical results strongly and consistently support the hypothesized main effects of wealth. However, the results regarding the moderating effect of within-group diversity are weak, as the majority of the moderation hypotheses are not supported. The main conclusion is that wealthier TMTs are less risk averse with respect to firm strategic decisions, which manifests in greater R&D spending, lower unrelated diversification, and higher overall firm risk. Theoretical and empirical implications as well as suggestions for future research are discussed.

Increasingly, computer and Internet usage play a vital role in connecting individuals to the larger society. Many factors may influence computer ownership and frequency of Internet usage by retired older adults. This thesis applies two theoretical frameworks, Cumulative Inequality theory and Intergenerational Solidarity theory, to explore major factors that may influence retired older adults' computer ownership and their frequency of Internet usage. Special attention will be paid to issues of social inequality: including retirement status (respondent and spouse), availability of an employer-paid pension (respondent and spouse), accumulated wealth, income, educational attainment, and employer-paid health insurance (respondent and spouse). In addition, this thesis will explore issues of intergenerational solidarity, specifically, number of children and number of children living in the household in relation to computer ownership and Internet usage, in particular. This study uses the Wisconsin Longitudinal Study (WLS) data that were collected through phone surveys that were conducted in 2004.

Multiple Imputation hat sich in den letzten Jahren als adäquate Methode zum Umgang mit fehlenden Werten erwiesen und etabliert. Das gilt zumindest für die Theorie, denn im Angesicht mangelnder anwendungsbezogener Erläuterungen und Einführungen verzichten in der Praxis viele Sozialwissenschaftler auf diese notwendige Datenaufbereitung. Trotz (oder vielleicht auch wegen) der stetig fortschreitenden Weiterentwicklung der Programme und Optionen zur Umsetzung Multipler Imputationen, sieht sich der Anwender mit zahlreichen Herausforderungen konfrontiert, für die er mitunter nur schwer Lösungsansätze findet. Die Schwierigkeiten reichen von der Analyse und Aufbereitung der Zielvariablen, über die Software-Entscheidung, die Auswahl der Prädiktoren bis hin zur Modell-Formulierung und Ergebnis-Evaluation. In diesem Beitrag wird die Funktionsweise und Anwendbarkeit Multipler Imputationen skizziert und es wird eine Herangehensweise entwickelt, die sich in der schrittweisen Umsetzung dieser Methode als nützlich erwiesen hat – auch für Einsteiger. Es werden konkrete potenzielle Schwierigkeiten angesprochen und mögliche Problemlösungen diskutiert; vor allem die jeweilige Beschaffenheit der fehlenden Werte steht hierbei im Vordergrund. Der Imputations-Prozess und alle mit ihm verbundenen Arbeitsschritte werden anhand eines Anwendungsbeispiels – der Multiplen Imputation des Gesamtvermögens reicher Haushalte – exemplarisch illustriert. / Multiple imputation established itself and proved adequate as method of handling missing observations – at least in theory. Annotations and explanations on how to apply multiple imputation in practice are scarce and this seems to discourage many social scientists to conduct this step of necessary data preparation. Despite (or maybe because of) the continuous and progressive development of programs and features to conduct multiple imputation the user is confronted with numerous challenges for which solutions are sometimes hard to find. The difficulties range from the analysis and preparation of the target variable to deciding in favor of a software package, selecting predictors, formulating a suitable model and evaluating the results. This paper will outline the operation and practicability of multiple imputations and will develop a useful approach, which has proven adequate in handling missing values step by step – even for beginners. It will discuss potential difficulties and gives specific solutions; especially the particular quality of missing data is paramount. The process of imputation with all its necessary steps will be illustrated by the multiple imputation of the total assets of wealthy households.

The Turkish Electricity System has gone through a liberalization process. This study aims to analyze the possible outcomes of this process by using a simulation framework. First, we look at the basics of new market design and focus on international evidence. Second, the theoretical and empirical literature about the liberalization of the electricity sector is reviewed. Then, the structure of our model, Turkish Electricity System Simulation Model (TESS), is summarized. In this model, it is assumed that a spot market is formed and all the agents in the sector operate in this market. Using this model, the effects of various factors, like industry structure, consumer participation and regulation, upon the performance of the spot market are analyzed. Moreover, in simulation case studies, uniform and a non-uniform pricing mechanisms are compared.

Turkish textile and clothing industry is one of the pillar industries of Turkish economy with its contribution to export, GDP and employment. Also, it has linkages with many other industries. As a consequent, developments emerged in the industry eventually affect the overall economy of Turkey. Hence, analysis of the competitiveness of the enterprises operating in the textile and clothing industry of Turkey is very important for a more competitive country. Within this context, the purpose of this study is to explore the key determinants of competitiveness of Turkish textiles and clothing industry, and analyze the effects of firm characteristics and future expectations on perceived competitive advantage of Turkish textiles and clothing firms. The study further purposes to analyze the Turkish textiles and clothing industry&rsquo / s structure.

On 1 January 2007 abolished Sweden as one of the last countries in EU the wealth tax. This wealth tax was in Sweden for almost 100 years. As the great debate in the context of tax reform in 1910 was not so much about the introduction of a wealth tax. The discussion was instead on the wealth tax would be proportional or progressive together with the income tax. When the government with and there finance minister, Carl Swartz, presented its government bill, 1910:88, 11 March 1910, the draft regulation on income and wealth tax was said, that now they had finally made a shift in the direct tax to the state. A change had been sought and it would have been great difficulties to be overcome and it would have been deeply entrenched ideas about this tax reform impossible. Despite all the protests from the wealthy in society, so continue this conservative government through reform with the strong support of many conservative politicians who had most to lose from this tax reform. The government also succeeded in compromising with liberals and social democrats that supported the reform. Heavy respondents in Sweden in 1910, as Kammarrätten and Bevillningsutskottet supported almost without any comment the proposal. Thus, Sweden had been given a modern tax system that applies even today more than 100 years later Introduction of the combined income and wealth tax was in continuation a great tax pump in Sweden when the governments needed to find funding for their reforms.

Leading up to the time just before the economic and global meltdown of 2008, economist and theorist forecasted as early as 2005 about and impending financial crisis that would affect every sector of the business and financial community. As we discover in more dramatic detail that family firms are occupying a big percentage in small to medium size enterprises, we wondered how they would be affected by such a high degree of uncertainty and volatility in the financial markets during the economic crisis. With these factors in mind, we would like to see it in a more day–to–day, practical application within family firms. In the supply chain or procurement life-cycle, firms need to receive products and services from the supplier and the supplier will in turn offer those same services to the customer. The firm will tend to structure this tradeoff with a contractual structure to guarantee achievement of mutual benefit and economic objectives of the firm. On the other hand, family firms are famous for being distinguish from non-family firms in their non-economic objective they persuade along their businesses. Considering these two different logics that affects the decision of the firm in structuring contractual governance with the exchanging party. We ask the following questions in our purpose.

<p>As an aggregate, American households have shown rising debt levels over the past few decades, yet we do not understand how debt varies within households over time and what factors influence this variation in a meaningful way. To date, household debt appears predominantly as a component of measures of net worth, obscuring heterogeneity in the meaning of debt within a household. Moreover, most studies focusing specifically on indebtedness rely on cross-sectional data. In addition, no cohesive theoretical model exists to account for changing patterns of debt. This dissertation seeks to fill these gaps. Utilizing a variety of methodological approaches and drawing on longitudinal data from the National Longitudinal Survey of Youth 1979, it adds sociological explanation to a social process that has been previously ignored and under-theorized.</p> <p>First, drawing from literature in economics and sociology, I propose a dynamic, life course model of indebtedness that specifies three mechanisms driving differentiation in household indebtedness: institutional context (period), social heterogeneity, and patterned disadvantage, or structural risk. Second, I use multilevel logistic regressions to explore the association between the hypothesized mechanisms and the likelihood of holding non-collateralized debt. While experiencing negative life course risks increases the likelihood of holding debt, I find that occupying positions of structural disadvantage--being black, being in poverty--decreases the likelihood of holding debt, while having advantages--higher education, being married, holding assets--increases the likelihood of holding debt, pointing to distinct differences in who can access debt to buffer life course shocks and who cannot. Examining the interrelationships between debts and assets further underscores the tenuous economic well-being of the disadvantaged. I find that those most likely to experience negative life events are both less likely to have financial assets with which to buffer these events and more likely to experience constrained access to non-collateralized debt.</p> <p>Third, I employ multilevel linear regressions to examine the association between the proposed mechanisms and three unique indicators of debt burden. I find that many of the standard coefficients included in models of net worth are not significant predictors of the level of non-collateralized, non-revolving debt, suggesting that we know much more about the correlates of income and wealth than we do household debt. Variation in debt burden may be better understood by heterogeneity in non-economic variables frequently not captured in survey research. To better explore this unobserved heterogeneity, I utilize latent class regression models to estimate the early life course trajectories of debt burden for the NLSY79 cohort. I find four distinct trajectories of indebtedness with varying consequences for later life financial outcomes. Overall, I conclude that household debt is nuanced and contextually contingent. More importantly, debt adds to our understanding of long-term stratification processes when studied as a unique indicator of inequality.</p> / Dissertation

This paper seeks to explain the existence of wealthy and socially influential slaves in the fourth century BCE at Athens, Greece. I describe what went on at Athens from the late seventh century until the early third century and show that transformation in the land to labor ratio combined with cultural, legal and political changes led to a period of time where slaves acquired wealth and power. First, changes in the land to labor ratio at a time when Athens was going through vast political change led to a culture where it was socially unacceptable for a free Athenian to work for another free Athenian. Slaves could then work in sectors unavailable to free Athenians, which led them to gain wealth and eventually societal power.

In 2007, Chinese Government has established the first sovereign wealth fund in formal and funded with $2,000 billion dollars which called as China Investment Corporation(CIC).It is purposed to settle the bad debts of State-owned Bank and process the restrcuting of financial management system. At the same time, CIC invest overseas investment actively. The Chinese Government treats the sovereign wealth funds as a vehicle, positively to establish the strategic reserve system for energy and raw materials. Except to hedge the volatility of international market price,in the other hand, to optimize the Chinese industrial structures to be more efficiency. But, in beginning stage of China's sovereign wealth funds, they faced the problems with other state-owned enterprises in overseas investments.It happens the group-overlapping effect and huge losses when deals with multinational enterprises,and it caused the dosmestic critisms . However, China's sovereign wealth fund set up by the time is not long, mostly of the chinese scholars have proposed a strategy as ¡§Fund Exchange for Technology¡¨ .It is through the usages of China's foreign investment to acquire the resources and technology. On the national development strategic, the China's sovereign wealth funds which controlled by the Chinese Central Financial leading group, are responsible to execute the national missions.In addition to the country's political security,economic security,it also to ensure the food security,energy security,water resources, and other important resources. Clearly, political motivations and core technology is the Chinese Government's core interests, which is China's national security and sustainable development. This article is researching into the core interests for the Triangular Strategy of China`s Sovereign Wealth Funds. In the raising of the "Strong Power" of China , national security issues are priority to be settled .Acquisition for the "Power Composition" ,which included the key technolgy and resources , and Chinese government is facing the main challenges.Would the China's sovereign wealth fund still keep investing although it occurred huge losses in overseas energy procurement,acquisition of dosmestic and abroad enterprises, financial assets, investment activities of configuration? Comparatively, would the CIC continuing to expand and investing with "trianglular strategy" to achieve the core interests.In general, keep the subsequent to focus on the economical discourse power and the core technology.