The effects of parental altruism on the governance of family‐managed firms

We draw on the economic, corporate governance, and family business literatures to explain why the effects of family on family firms makes this governance form theoretically distinct from those of public and private non‐family firms. Our thesis is that parental altruism, when combined with private ownership and owner‐management, influences the ability of the firm's owner‐manager to exercise self‐control, which, in turn, can expose some family firms to conflicts rooted in the agency threats of moral hazard, hold‐up, and adverse selection. We then discuss why some other family firms are able to minimize these dark side threats and thereby attain altruism's brighter side. Finally, we discuss how altruism's influence changes over time as ownership becomes dispersed among family members and across generations. Copyright © 2005 John Wiley & Sons, Ltd.     

Carbon sequestration: Do N inputs and elevated atmospheric CO2 alter soil solution chemistry and respiratory C losses?

Soil respiration is a large C flux which is of primary importance in determining C sequestration. Here we ask how it is altered by atmospheric CO₂ concentration and N additions. Swards of Lolium perenne L. were grown in a Eutric cambisol under controlled conditions with and without the addition of 200 kg NO^? ₃ ?N ha^?1, at either 350 ppm or 700 ppm CO₂, for 3 months. Soil respiration and net canopy photosynthesis were both increased by added N and elevated CO₂, but soil respiration increased proportionately less than fixation by photosynthesis. Thus, both elevated CO₂ and N appeared to increase potential C sequestration, although adding N at elevated CO₂ reduced the C sequestered as a proportion of that fixed relative to elevated CO₂ alone. Across all treatments below-ground respiratory C losses were predicted by root biomass, but not by soil solution C and N concentrations. Specific root-dependent respiration was increased by elevated CO₂, such that below-ground respiration per unit biomass and per unit plant N was increased.     

Unreliability of co‐occurrence‐based sediment quality guidelines for contaminated sediment evaluations at Superfund/hazardous chemical sites

Many Superfund/hazardous chemical sites include waterbodies whose sediments contain hazardous chemicals. With the need to assess, rank, and remediate contaminated sediments at such sites, as well as in other waterways, regulators seek a simple, quantitative assessment approach that feeds easily into a decision‐making scheme. Numeric, co‐occurrence‐based “sediment quality guidelines” have emerged with the appearance of administrative simplicity. However, the very foundation of the co‐occurrence approach, based on the total concentrations of a chemical(s) in sediment, is technically invalid; its application relies on additional technically invalid presumptions. Use of technically invalid evaluation approaches renders any assessment of the significance of sediment contamination unreliable. This article reviews the technical roots and assumptions of the co‐occurrence‐based SQGs, the fundamental flaws in the rationale behind their development and application, and their misapplication for sediment quality evaluation. It also reviews concepts and approaches for the more reliable evaluation, ranking, and cleanup assessment of contaminated sediments at Superfund sites and elsewhere. © 2005 Wiley Periodicals, Inc.     

Disposal of contaminated sediments/soils in MSW landfills: Need to consider the true cost

A disturbing trend among governmental agencies is the remediation of so‐called “nonhazardous” contaminated sediments/soils by deposition in minimum‐design Subtitle D municipal solid waste (MSW) landfills or landfills with equivalent design. This is done despite the fact that, in terms of protection of public health and environmental quality, the designation “nonhazardous” is misleading at best, and the fact that minimum‐design Subtitle D landfills as being allowed will not ensure protection of groundwater quality for as long as the buried wastes remain a threat. Although acknowledged in the regulatory documentation and exposed in the writings of a few in the scientific/engineering community, the environmental and public health issues that will inevitably be faced at minimum‐design Subtitle D landfills are underplayed, and even misrepresented, to the public. Discussion of relevant issues, as well as remarkable omissions, characterized the October 2004 United States Army Corps of Engineers (US ACE)/United States Environmental Protection Agency (US EPA)/Sediment Management Work Group (SMWG) conference,” Addressing Uncertainty and Managing Risk at Contaminated Sediment Sites.” This article addresses many of those neglected issues. © 2005 Wiley Periodicals, Inc.     

Job level risk assessment using task level strain index scores: a pilot study.

This paper explores 2 methods of modifying the Strain Index (SI) to assess the ergonomic risk of multi-task jobs. Twenty-eight automotive jobs (15 cases and 13 controls) were studied. The first method is based on the maximum task SI score, and the second method is modeled on the NIOSH Composite Lifting Index (CLI) algorithm, named cumulative assessment of risk to the distal upper extremity (CARD). Significant odds ratios of 11 (CI 1.7-69) and 24 (CI 2.4-240) were obtained using the modified maximum task and CARD, respectively. This indicates that modification of the SI may be useful in determining the risk of distal upper extremity injury associated with a multi-task job.     

Long-term effects of sustained beef feedlot manure application on soil nutrients, corn silage yield, and nutrient uptake

A field study was initiated in 1992 to investigate the long-term impacts of beef feedlot manure application (composted and uncomposted) on nutrient accumulation and movement in soil, corn silage yield, and nutrient uptake. Two application strategies were compared: providing the annual crop nitrogen (N) requirement (N-based rate) or crop phosphorus (P) removal (P-based rate), as well as a comparison to inorganic fertilizer. Additionally, effects of a winter cover crop were evaluated. Irrigated corn (Zea mays L.) was produced annually from 1993 through 2002. Average silage yield and crop nutrient removal were highest with N-based manure treatments, intermediate with P-based manure treatments, and least with inorganic N fertilizer. Use of a winter cover crop resulted in silage yield reductions in four of ten years, most likely due to soil moisture depletion in the spring by the cover crop. However, the cover crop did significantly reduce NO3-N accumulation in the shallow vadose zone, particularly in latter years of the study. The composted manure N-based treatment resulted in significantly greater soil profile NO3-N concentration and higher soil P concentration near the soil surface. The accounting procedure used to calculate N-based treatment application rates resulted in acceptable soil profile NO3-N concentrations over the short term. While repeated annual manure application to supply the total crop N requirement may be acceptable for this soil for several years, sustained application over many years carries the risk of unacceptable soil P concentrations.     

MODELING THE DISTRIBUTION OF DIFFUSE NITROGEN SOURCES AND SINKS IN THE NEUSE RIVER BASIN OF NORTH CAROLINA,USA1

This study quantified nonpoint source nitrogen (NPS‐N) sources and sinks across the 14,582 km² Neuse River Basin (NRB) located in North Carolina, to provide tabular data summaries and graphic overlay products to support the development of management approaches to best achieve established N reduction goals. First, a remote sensor derived, land cover classification was performed to support modeling needs. Modeling efforts included the development of a mass balance model to quantify potential N sources and sinks, followed by a precipitation event driven hydrologic model to effectively transport excess N across the landscape to individual stream reaches to support subsequent labeling of transported N values corresponding to source origin. Results indicated that agricultural land contributed 55 percent of the total annual NPS‐N loadings, followed by forested land at 23 percent (background), and urban areas at 21 percent. Average annual N source contributions were quantified for agricultural (1.4 kg/ha), urban (1.2 kg/ha), and forested cover types (0.5 kg/ha). Nonpoint source‐N contributions were greatest during the winter (40 percent), followed by spring (32 percent), summer (28 percent), and fall (0.3 percent). Seasonal total N loadings shifted from urban dominated and forest dominated sources during the winter, to agricultural sources in the spring and summer. A quantitative assessment of the significant NRB land use activities indicated that high (greater than 70 percent impervious) and medium (greater than 35 percent impervious) density urban development were the greatest contributors of NPS‐N on a unit area basis (1.9 and 1.6 kg/ha/yr, respectively), followed by row crops and pasture/hay cover types (1.4 kg/ha/yr).     

PREDICTING FECAL COLIFORM BACTERIA LEVELS IN THE CHARLES RIVER,MASSACHUSETTS, USA1

In Massachusetts, the Charles River Watershed Association conducts a regular water quality monitoring and public notification program in the Charles River Basin during the recreational season to inform users of the river's health. This program has relied on laboratory analyses of river samples for fecal coliform bacteria levels, however, results are not available until at least 24 hours after sampling. To avoid the need for laboratory analyses, ordinary least squares (OLS) and logistic regression models were developed to predict fecal coliform bacteria concentrations and the probabilities of exceeding the Massachusetts secondary contact recreation standard for bacteria based on meteorological conditions and streamflow. The OLS models resulted in adjusted R²s ranging from 50 to 60 percent. An uncertainty analysis reveals that of the total variability of fecal coliform bacteria concentrations, 45 percent is explained by the OLS regression model, 15 percent is explained by both measurement and space sampling error, and 40 percent is explained by time sampling error. Higher accuracy in future bacteria forecasting models would likely result from reductions in laboratory measurement errors and improved sampling designs.     

On measuring wealth: a case study on the state of Queensland

In order for policy makers to plan effectively for sustainable development, there is a need for measures of welfare that consider changes in the natural capital stock. Current measures based on conventional national accounting are flawed because they are based solely on flow measures and do not account for environmental effects. In this paper, we use an expanded measure of wealth to estimate the value of natural capital for Queensland. The state's stock of natural capital is valued at A dollar 355.6 billion, of which non-timber forest resources account for 45.3%, ecosystem services 20.0%, and mineral resources 17.6%. This figure is a conservative estimate of the true value since some significant components such as the ecological and life-support functions of the environment are excluded. The estimates highlight the relative importance of different forms of natural capital and can be used to draw the attention of policymakers to the need to give adequate weight to the value of such services in decision-making processes.