title: State-dominant and non-state-dominant ownership concentration and firm performance: Evidence from China

authors: Hess, Kurt

subjects: business performance

abstract: Purpose – This paper aims to investigate the relationship between ownership structure and performance for a comprehensive sample of Chinese listed firms for the years 2000-2004. In particular, the paper seeks to explore the effect of the dominance of state and private blockholders and control on firm performance. It aims to use a more differentiated approach than previous research on the subject, which has mainly focused on the effects of the pervasive state ownership on firm values. Accordingly, the main theme of the paper intends to relate to the analysis of the effects of private blockholders on firm value. 
Design/methodology/approach – The paper tests the ownership-performance relationship for the state and for sub-samples with predominantly private shareholders. The paper uses both an ordinary least squares and a two-stage least squares analysis, which treats ownership concentration as endogenous. 
Findings – The paper finds evidence that large private blockholdings are to the benefit of firm value for the full sample. Conversely, for smaller samples of companies without or with very low shareholdings by the various state players, there is some evidence that large private block shareholdings might be to the detriment of firm value. 
Originality/value – The study contributes to the literature by presenting a more comprehensive treatment of the ownership-performance relationship of listed firms in China. The main theme of the paper relates to ownership concentration and the effects of private blockholders on the performance of firms, in addition to the endogeneity of ownership. It also contributes by utilising the alternative ownership classification system developed by the National University of Singapore.

text: State-dominant and non-state-dominant ownership concentration and firm performance: Evidence from China Purpose – This paper aims to investigate the relationship between ownership structure and performance for a comprehensive sample of Chinese listed firms for the years 2000-2004. In particular, the paper seeks to explore the effect of the dominance of state and private blockholders and control on firm performance. It aims to use a more differentiated approach than previous research on the subject, which has mainly focused on the effects of the pervasive state ownership on firm values. Accordingly, the main theme of the paper intends to relate to the analysis of the effects of private blockholders on firm value. 
Design/methodology/approach – The paper tests the ownership-performance relationship for the state and for sub-samples with predominantly private shareholders. The paper uses both an ordinary least squares and a two-stage least squares analysis, which treats ownership concentration as endogenous. 
Findings – The paper finds evidence that large private blockholdings are to the benefit of firm value for the full sample. Conversely, for smaller samples of companies without or with very low shareholdings by the various state players, there is some evidence that large private block shareholdings might be to the detriment of firm value. 
Originality/value – The study contributes to the literature by presenting a more comprehensive treatment of the ownership-performance relationship of listed firms in China. The main theme of the paper relates to ownership concentration and the effects of private blockholders on the performance of firms, in addition to the endogeneity of ownership. It also contributes by utilising the alternative ownership classification system developed by the National University of Singapore.

year: 2010

title: Modelling the spatial effects of the anaesthetic-induced phase-transition in the cerebral cortex

authors: Whiting, David Robin

subjects: anaesthesia

abstract: In this thesis I investigate the theoretical stochastic behaviour of a one-dimensional model of the cerebral cortex, exposed to varying concentrations of a general anaesthetic agent. The model is that of Steyn-Ross et al. (2003). Theirs is a continuum theory based on the electrical response of a neural mass known as the macrocolum. The model predicts that as anaethetic concentration is increased the cortex will undergo a sudden electrical phase transition corresponding to loss of consciousness (LOC). Similarly, at return of consciousness (ROC) a second distinct phase transition is predicted. Spatial variability is incorporated into the original homogeneous cortical model of Steyn-Ross et al. (1999). This is done by including the possibility of spatial variation in distant excitatory and inhibitory inputs. By modelling the cortex in this way, we hope to gain an understanding of how the cortex functions, and how anaethestic agents “shut-down” the brain.

I simulate the one-dimensional system numerically in order to verify analytical predictions. Both analytical and numerical results show an increase in the coherence (spatial-correlation) of the electrical activity along the one-dimensional rod on approach to both LOC and ROC. Theory and simulations also show that the electrical ﬂuctuations in the unconscious cortex should have a larger correlation length than for the cortex in the conscious state, suggesting that the unconscious state is the more ordered. I derive the theoretical power spectrum and discuss some of its properties.

By expanding the model to include spatial variability, we discover the possibility of self-organized structures forming spontaneously in the one-dimensional cortex. These “Turing” or dissipative structures are stationary in time, showing giant DC voltage variations along the cortical rod. Although the dissipative structures can from a rich variety of pseudo-periodic patterns, the physiological signiﬁcance of such stationary neural structures is not yet clear.

text: Modelling the spatial effects of the anaesthetic-induced phase-transition in the cerebral cortex In this thesis I investigate the theoretical stochastic behaviour of a one-dimensional model of the cerebral cortex, exposed to varying concentrations of a general anaesthetic agent. The model is that of Steyn-Ross et al. (2003). Theirs is a continuum theory based on the electrical response of a neural mass known as the macrocolum. The model predicts that as anaethetic concentration is increased the cortex will undergo a sudden electrical phase transition corresponding to loss of consciousness (LOC). Similarly, at return of consciousness (ROC) a second distinct phase transition is predicted. Spatial variability is incorporated into the original homogeneous cortical model of Steyn-Ross et al. (1999). This is done by including the possibility of spatial variation in distant excitatory and inhibitory inputs. By modelling the cortex in this way, we hope to gain an understanding of how the cortex functions, and how anaethestic agents “shut-down” the brain.

I simulate the one-dimensional system numerically in order to verify analytical predictions. Both analytical and numerical results show an increase in the coherence (spatial-correlation) of the electrical activity along the one-dimensional rod on approach to both LOC and ROC. Theory and simulations also show that the electrical ﬂuctuations in the unconscious cortex should have a larger correlation length than for the cortex in the conscious state, suggesting that the unconscious state is the more ordered. I derive the theoretical power spectrum and discuss some of its properties.

By expanding the model to include spatial variability, we discover the possibility of self-organized structures forming spontaneously in the one-dimensional cortex. These “Turing” or dissipative structures are stationary in time, showing giant DC voltage variations along the cortical rod. Although the dissipative structures can from a rich variety of pseudo-periodic patterns, the physiological signiﬁcance of such stationary neural structures is not yet clear.

year: 2003

title: A path to lotions and potions: Ngāti te Maunga ahi kā use of rongoā for hapū wellbeing

authors: Diamond, Kiri

subjects: rongoā

abstract: The research aimed to determine the challenges and improvements required during the implementation of the rongoā programme. The rongoā programme was based on a papakāinga near a marae, in a semi-rural location with difficult access. Participatory action research and autoethnography methods were used with the ahi kā (local residence) to develop a programme that would fulfil the hapū ora (extended family wellbeing) goals.  The goals of the programme were: for the ahi kā to use rongoā (modalities of health) confidently for their wellbeing; consistently use a Facebook page to learn and share information and to develop a database of the local rongoā rākau (medicinal plant). The ahi kā identified a further question to ask Facebook members to understand what motivated their participation and a survey was conducted. The ahi kā also wanted to understand the local doctor’s view on rongoā and its context on health provision in their area. An interview was conducted and the survey and interview added to the understanding of what the ahi kā could do to improve theirs and the hapū whānau (group extended family) wellbeing.
The findings of the research highlighted the complexities that arise from conducting research in a bicultural space where a common understanding of cultural knowledge is assumed to be homogenous. A shared history with colonisation and religious beliefs brought to the forefront the multiplicity Māori work through to determine a shared hapū identity. Based on an understanding of Māori principle values and tikanga (ways of enacting values), as understood by ahi kā, transformed a programme of learning how to make lotions and potions for the ahi kā, into influencing hapū members to change their attitudes and behaviours to their environment and their wellbeing.
This research highlighted the role that ahi kā hold as keepers of cultural knowledge that is rooted in the papakāinga through ancestral links that informs the identity of a hapū. Learning how to use rongoā provided ahi kā a platform to learn a new skill while helping the hapū heal through connecting with the identity and land of the hapū they belong to.

text: A path to lotions and potions: Ngāti te Maunga ahi kā use of rongoā for hapū wellbeing The research aimed to determine the challenges and improvements required during the implementation of the rongoā programme. The rongoā programme was based on a papakāinga near a marae, in a semi-rural location with difficult access. Participatory action research and autoethnography methods were used with the ahi kā (local residence) to develop a programme that would fulfil the hapū ora (extended family wellbeing) goals.  The goals of the programme were: for the ahi kā to use rongoā (modalities of health) confidently for their wellbeing; consistently use a Facebook page to learn and share information and to develop a database of the local rongoā rākau (medicinal plant). The ahi kā identified a further question to ask Facebook members to understand what motivated their participation and a survey was conducted. The ahi kā also wanted to understand the local doctor’s view on rongoā and its context on health provision in their area. An interview was conducted and the survey and interview added to the understanding of what the ahi kā could do to improve theirs and the hapū whānau (group extended family) wellbeing.
The findings of the research highlighted the complexities that arise from conducting research in a bicultural space where a common understanding of cultural knowledge is assumed to be homogenous. A shared history with colonisation and religious beliefs brought to the forefront the multiplicity Māori work through to determine a shared hapū identity. Based on an understanding of Māori principle values and tikanga (ways of enacting values), as understood by ahi kā, transformed a programme of learning how to make lotions and potions for the ahi kā, into influencing hapū members to change their attitudes and behaviours to their environment and their wellbeing.
This research highlighted the role that ahi kā hold as keepers of cultural knowledge that is rooted in the papakāinga through ancestral links that informs the identity of a hapū. Learning how to use rongoā provided ahi kā a platform to learn a new skill while helping the hapū heal through connecting with the identity and land of the hapū they belong to.

year: 2019