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.     

Estrogen receptor mediated activity in bankside groundwater, with flood suspended particulate matter and floodplain soil - an approach combining tracer substance, bioassay and target analysis

Bankside groundwater is widely used as drinking water resource and, therefore, contamination has to be avoided. In the European Union groundwater protection is explicit subject to Water Framework Directive. While groundwater pollution may originate from different sources, this study investigated on impacts via flood events.Groundwater was sampled with increasing distance to the river Rhine near Karlsruhe, Germany. Samples were HPLC-MS-MS analyzed for the river contaminant carbamazepine to indicate river water infiltration, giving permanent presence in 250 m distance to the river (14-47 μg L⁻¹). Following a flood event, concentrations of about 16-20 μg L⁻¹ could also be detected in a distance of 750 m to the river. Furthermore, estrogenic activity as determined with the Yeast Estrogen Screen assay was determined to increase up to a 17β-ethinylestradiol equivalent concentration (E-EQ) = 2.9 ng L⁻¹ near the river, while activity was initially measured following the flood with up to E-EQ = 2.6 ng L⁻¹ in 750 m distance. Detections were delayed with increasing distance to the river indicating river water expansion into the aquifer.Flood suspended matter and floodplain soil were fractionated and analyzed for estrogenic activity in parallel giving up to 1.4 ng g⁻¹ and up to 0.7 ng g⁻¹, respectively. Target analysis focusing on known estrogenic active substances only explained <1% of measured activities.Nevertheless, river water infiltration was shown deep into bankside groundwater, thus, impacting groundwater quality. Therefore, flood events have to be in the focus when aiming for groundwater and drinking water protection as well as for implementation of Water Framework Directive.     

Ökophysiologische Untersuchungen an Pflanzen der Namib-Wüste

The southern Namib desert has a vegetation cover of mainly succulent plants in which species of the Mesembryanthemaceae are predominant. Climatically this area is characterized by hot and dry days, and cool and humid nights with episodic rainfalls only in winter. In this environment a great number of species perform a crassulaceaen acid metabolism (CAM). The responses of these plants to water stress as well as the regulation of CAM in the natural habitat are described and discussed.     

Konzentrationen von Schwermetallen in Bodenlösungen aus bayerischen Wäldern

Goal and Methods

During two years, soil solution samples were collected at 18 forest sites with low anthropogenic heavy metal loads in Bavaria using ceramic suction cups. The collected samples were analysed for pH, conductivity, dissolved organic compounds, and the trace elements Al, Cr, Fe, Mn, Ni, Cu, Zn, Cd, Ba, and Pb.

Results

In addition to initial interference effects caused by the installation of suctions cups, time series were characterised by seasonal variations. The results obtained for the replicated suction cups were comparable for every individual area with standard deviations of 20 to 25 percent. With increasing soil depth, the pH of the soil solution increases specifically at those sites (up to 2.5 pH units) where the topsoils have been acidified. On the other hand, concentrations of all trace elements investigated — excepted of Al and Mn — are not influenced by the soil depth. The forest stand has no significant additional effect on trace element concentrations. Contents of Al, Mn, and Zn are correlated with low pH-values in the soil solution, whereas the mobilisation of Ba is mainly caused by ion exchange. Complexes of trace elements and dissolved organic matter were only detected for Cu at one site. Element concentrations in the soil solution are not significantly influenced by the contents of aqua regia soluble portions in the soil matter. Only very high qua soluble portions increase the concentrations in the soil solution. The overall heavy metal concentrations determined in soil solutions are low compared with different limiting and threshold values, respectively.

Conclusions

Trace element concentrations in soil solutions are mainly influenced by the soil properties themselves. The contribution of the forest stand is negligible. Therefore, from the ecotoxicologic point of view, the risk of leaching heavy metals contaminating the groundwater is not significant for the investigated forest sites and without any respect to silviculture practices.