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Male CEOs viewed positively for assertive activism stances, study reveals

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Male CEOs viewed positively for assertive activism stances, study reveals


How gender biases shape investor response to shareholder activism
Experiment 1: Investment Attractiveness judgments, by condition. This figure depicts the effects of CEO Gender (male or female) and the CEO’s Response (cooperative or uncooperative) to shareholder activism on investment attractiveness judgments. Participants respond to the question “Did the CEO’s response to the investor activism make Zetha Inc. more or less attractive as a potential investment?” Responses were provided on a scale ranging from −5 (much less attractive) to 5 (much more attractive). Credit: Contemporary Accounting Research (2024). DOI: 10.1111/1911-3846.12962

Investors view CEOs more favorably when they respond to shareholder activism in ways that conform to gender stereotypes, according to new Cornell research.

Female CEOs were held in higher regard when they reacted to shareholder activism—attempts by shareholders, often hedge funds, to wield their influence as partial owners to bring about change in a corporation—using cooperative approaches. Similarly, the study found that male CEOs were regarded more highly when they used dominant or assertive stances, and less highly when they were communal.

“I think one of the most eye-opening aspects of the study was that both male and female leaders were evaluated negatively when their behavior deviated from investors’ gender-based expectations,” said Kristina M. Rennekamp, professor of accounting in the Samuel Curtis Johnson Graduate School of Management, part of the Cornell SC Johnson College of Business.

“This suggests that investors’ evaluations weren’t based on whether they believed that cooperating or not was the overall right approach to activists, but rather the perceived ‘right approach’ varied based on the gender of the firm’s leader.”

Rennekamp is co-author of “CEO Gender and Responses to Shareholder Activism,” published June 11 in Contemporary Accounting Research, which used experiments and interviews to uncover attitudes about CEO gender, responses to activism and investor behavior. Co-authors include Blake A. Steenhoven, Ph.D. ’21, assistant professor at the Smith School of Business at Queen’s University; and Scott C. Jackson, assistant professor at the Lee Business School at the University of Nevada, Las Vegas.

Shareholder activism has become a powerful force. Activist hedge funds manage more than $200 billion in assets worldwide. Between 2017 and 2020, they initiated more than 2,800 campaigns—efforts to mobilize investors to force their agenda—and a large portion ended in success or settlement, according to an activist investor report on the Harvard Law School blog, “Forum on Public Governance.”

The first experiment’s results surprised the researchers, Rennekamp said. Female CEOs using uncooperative responses were viewed less positively than those using cooperative approaches, which are stereotypically associated with women. Male CEOs employing cooperative strategies were perceived less favorably than those adopting “agentic”—dominant or assertive—stances, which are stereotypically associated with men.

In a second experiment focusing on female CEOs, the researchers discovered that explanations of responses can lessen negative perceptions. When female CEOs provided a communal explanation for an uncooperative response (e.g., responding to activism uncooperatively out of care for investors), investors reacted more positively than when an agentic explanation was given.

The researchers also conducted interviews with six CEOs and CFOs, and found that executives are acutely aware of potential investor biases and the importance of messaging when responding to activism.

“Our research has far-reaching implications for corporate governance and shareholder relations,” Rennekamp said. “It suggests that the higher likelihood of female CEOs cooperating with activists may not stem from inherent differences in management styles. Instead, it could be a strategic response to anticipated investor reactions based on gender stereotypes.”

The findings also highlight the critical role of communication in managing investor perceptions. Female CEOs may benefit from carefully crafting their messages when responding to activism, especially if taking an uncooperative stance.

These results complement recent research showing that nonprofessional investors may rely on CEO gender when making investment decisions, particularly in ambiguous situations like shareholder activism.

The study also offers a potential explanation for the observed phenomenon of female CEOs being more frequently targeted by activist shareholders. Rather than reflecting inherent gender biases or differences in management styles, this trend could be driven by the anticipation of more cooperative responses from female leaders—a strategy adopted to avoid negative investor reactions.

For female CEOs in particular, the study suggests that providing communal explanations for decisions—even when taking uncooperative stances—may help maintain positive investor sentiment. This offers a valuable tool for navigating the complex dynamics of shareholder activism while challenging gender-based expectations.

“Our research not only advances our understanding of gender dynamics in shareholder activism but also provides practical insights for corporate leaders navigating these complex waters,” Rennekamp said. “As the landscape of corporate governance evolves, recognizing and addressing these subtle yet powerful biases will be crucial for fostering fair, effective and successful business practices.”

More information:
Scott C. Jackson et al, CEO gender and responses to shareholder activism, Contemporary Accounting Research (2024). DOI: 10.1111/1911-3846.12962

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Cornell University


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Male CEOs viewed positively for assertive activism stances, study reveals (2024, October 10)
retrieved 10 October 2024
from https://phys.org/news/2024-10-male-ceos-viewed-positively-assertive.html

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Three tiny species added to South Africa’s spectacular marine life

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Three tiny species added to South Africa’s spectacular marine life


biodiversity
Credit: Unsplash/CC0 Public Domain

South Africa’s marine realm is globally unique because of the two major ocean currents that meet here. The cold, slow-moving Benguela and the warm, fast-flowing Agulhas currents create a special environment that supports high levels of biodiversity. Over 13,000 marine species are currently known to live in these waters. About 30% of these are endemic, meaning they occur nowhere else.

Biodiversity metrics (the number or abundance of species) are dominated by invertebrates such as sponges, bivalves and crustaceans. These are usually small, which makes them adaptable and versatile. In terms of numbers, invertebrates make up a vast majority of marine life.

I have been involved in marine biodiversity research for the last 10 years and have worked with teams of researchers, biology students and citizen scientists from across the country. I have also been involved in the naming and classification of organisms.

In South Africa, where there is still much to discover, one focus of my work is identifying new species.

Looking at subtle differences and finding similarities in how tiny organisms evolved in different regions is a global effort. In my own work, carried out together with many experts, there are three finds that have been particularly exciting—a “walking sponge” (Suberites ambulodomos), a tiny clam (Brachiomya ducentiunus) and a rare and miniature isopod (Pseudionella pumulaensis).

Long-term efforts to identify new species like these guide effective conservation. They help to ensure that critical habitats are protected.

These three newly described species may seem small and insignificant individually. However, small species make up the foundation of the food chain and play vital roles in nutrient cycling and in promoting biodiversity.

The walking sponge

First, there’s Suberites ambulodomos, or the “walking sponge.” This animal forms a unique partnership with hermit crabs. It settles on the tiny shell of a very young hermit crab. As the sponge grows it overgrows the shell completely, many hundred times in size and volume.

As a result, the crab—which usually needs to search for a bigger shell as it grows—never outgrows its home. Instead, it carries the sponge with it.

This is the first symbiotic relationship of its kind recorded in South African waters. This hermit-crab associated sponge was described in a collaborative effort by South African researchers at several institutes including the universities of the Western Cape, Johannesburg and Cape Town.

The tiny clam

Next is Brachiomya ducentiunus, a small clam that lives in the spaces between the spines of a heart urchin. The heart urchin burrows into shallow gravel and spends its life largely hidden, feeding on food fragments trapped in the sand.

This tiny clam highlights the richness of life beyond what is easily visible to the human eye. It was discovered through the 1001 Seaforest Species project, a science and storytelling initiative in Cape Town by the Sea Change Project. It was described and named, meaning scientifically proven to be new, by local researchers from the universities of Stellenbosch and Cape Town, and experts from Santa Barbara Museum of Natural History and the University of Colorado Boulder.

The rare and miniature isopod

Finally, the third new species is Pseudionella pumulaensis. This is a parasitic isopod—a tiny crustacean.

It was discovered in Pumula, KwaZulu-Natal, a region known for its high biodiversity. This isopod has a rather sinister survival strategy: it attaches to the gills of hermit crabs and feeds on their body fluids. Only two specimens have ever been found: a female measuring 2–3 millimeters and an even smaller male, so tiny it was almost missed entirely during the discovery process. I discovered it by chance during my Ph.D. research on hermit crabs, while photographing and zooming in to the smallest details to carry out this work.

Parasites tend to be small and hidden on, or inside, their hosts. They can be overlooked. However, they are vital to understanding biological processes as they regulate populations and are main drivers of evolution.

Pseudionella pumulaensis is the first of its genus in the entire Indian Ocean, a testament to how much more marine life we have yet to uncover. With my local support the isopod was described by an international expert at Hofstra University, New York, and published through the Senckenberg Ocean Species Alliance, a collaborative global initiative to advance marine taxonomy.

Biodiversity knowlege can help save our heritage

The majority of species on Earth remain unidentified. Over 242,000 marine species have been described globally, but the actual number of living ocean species may exceed one million. Many species remain undiscovered, and a large proportion of those already identified are poorly understood. We’re now racing against extinction to learn about and from them before it’s too late.

There is a lack of funding and job opportunities in discovering new species. In fact, the field of taxonomic expertise may now be as endangered as many of the ecosystems and species it seeks to document.

There are no simple, fast-track solutions to the biodiversity crisis—the threat of species extinction combined with vast, unexplored diversity, and the lack of expertise and resources to address this at scale. However, biodiversity initiatives that work collaboratively locally and globally to share expertise offer hope.

Discoveries like these three new species from South Africa emphasize the need for continued exploration. Each species described brings us one step closer to understanding our oceans’ rich biodiversity and finding new ways to protect it.

(Tatjana Baleta, a University of Exeter Wikimedia Fellow for Climate at the Global Systems Institute, was instrumental in producing the first draft submission of this article.)

Provided by
The Conversation


This article is republished from The Conversation under a Creative Commons license. Read the original article.The Conversation

Citation:
New discoveries: Three tiny species added to South Africa’s spectacular marine life (2024, October 10)
retrieved 10 October 2024
from https://phys.org/news/2024-10-discoveries-tiny-species-added-south.html

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Organic compound boosts solar cell stretchability without sacrificing power

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Organic compound boosts solar cell stretchability without sacrificing power


A solar cell that is stretchable without sacrificing power
A photograph showing the flexible solar cell being stretched by two tweezers. Credit: Nature Communications (2024). DOI: 10.1038/s41467-024-49352-4

A solar cell developed by RIKEN physicists can be stretched without greatly affecting its ability to convert light into electricity. It is thus promising for powering the next generation of wearable electronics.

Today’s smart watches can monitor an impressive array of health metrics, while more-specialist wearable devices are being developed for specific medical applications. But such devices need to be recharged periodically.

To eliminate this need, researchers are seeking to develop flexible, wearable solar cells. However, it is vital to ensure that the performance of these solar cells doesn’t drop off when they are stretched by body movements during everyday life.

“We’re focusing on making very thin, flexible devices. But such devices don’t have intrinsic stretchability,” explains Kenjiro Fukuda of the RIKEN Center for Emergent Matter Science. “Rather, they’re similar to plastic wrap used to wrap food—you can maybe stretch them by 1% or 2%, but 10% is impossible since they tear easily.”

Fukuda and his team are trying to overcome this problem by developing solar cells that are intrinsically stretchable.

“Our approach is very simple—we use stretchable materials for every functional layer in a device,” says Fukuda. “But while the concept is simple, the method is highly challenging since we have to strike a balance between the stretchability of each layer and its performance.”

Now, Fukuda and his co-workers have realized a high-performance flexible solar cell that exhibits exceptional stretchability. The research is published in the journal Nature Communications.

The cell’s power conversion efficiency drops by only 20% when the solar cell is stretched by 50% (i.e., stretched to 1.5 times its original, unstretched length). Furthermore, it retains 95% of its initial power conversion efficiency after being stretched 100 times by 10%.

The key to realizing such device stretchability lay in the team incorporating an organic compound called ION E in the electrode layer of the solar cell. They added ION E to enhance the stretchability of the electrode, but they discovered that it had another, unexpected benefit—it enhanced the adhesion between the electrode and the layers above and below it.

“This came as a nice surprise for us,” says Fukuda. “We hadn’t anticipated that ION E would increase the adhesion between layers.”

Thanks to these two effects, the electrode can take up some of the strain from the active layer above it (which converts light into electrons), improving the stretchability of the whole device.

The long-term goal is to create a stretchable organic solar cell that has a large area, Fukuda notes. “One obstacle to achieving this is the low conductivity of the polymer used to convey the generated electricity,” he says. “We’re now looking into ways to overcome this bottleneck.”

More information:
Jiachen Wang et al, Intrinsically stretchable organic photovoltaics by redistributing strain to PEDOT:PSS with enhanced stretchability and interfacial adhesion, Nature Communications (2024). DOI: 10.1038/s41467-024-49352-4

Citation:
Organic compound boosts solar cell stretchability without sacrificing power (2024, October 10)
retrieved 10 October 2024
from https://techxplore.com/news/2024-10-compound-boosts-solar-cell-stretchability.html

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Rental crisis in regional cities prompts rethinking of moves

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Rental crisis in regional cities prompts rethinking of moves


house key
Credit: Pixabay/CC0 Public Domain

James Cook University researchers say Cairns is a prime example of a regional city where the rental housing crisis is making people who have moved to the city rethink their choice—and they say city planners must act if regional areas want such people to stay.

Rana Dadpour is a Research Fellow at JCU’s Cairns Institute. She led a study now published in Australian Planner in which she interviewed people who moved to Cairns between 2016 and 2021.

“The group we looked at were ‘amenity migrants.’ Unlike economic migrants, amenity migrants are often driven by non-economic factors, including the desire for a better lifestyle. They are typically well-educated, mobile individuals who have the flexibility to choose where they live,” said Dr. Dadpour.

She said Cairns exemplifies a prime destination for amenity migrants, but many reported struggles with rental housing affordability, suitability and availability.

“We found many amenity migrants in Cairns face problems in the rental market, often leading to compromises in their living conditions and a sense of frustration and uncertainty. This negatively impacts their sense of belonging and overall life satisfaction,” said Dr. Dadpour.

She said the study reveals housing insecurity can prompt amenity migrants to consider moving again, as they seek more stable and affordable housing options elsewhere.

“We need a holistic understanding of the housing needs of amenity migrants and the development of a different approach by town planners,” said Dr. Dadpour.

She said planners should consider implementing a range of policy measures beyond traditional zoning and land-use planning—for example, incentivizing the development of diverse housing types and tenures, such as density bonuses, co-housing and adaptive reuse of existing buildings.

“Streamlining planning approval processes for innovative housing models can encourage their development. Planners should also work in collaboration with other stakeholders, such as community organizations and social service providers.

“By adopting a proactive and inclusive approach, grounded in practical examples and informed by research, planners can contribute to the development of more sustainable and equitable communities in regional cities like Cairns,” said Dr. Dadpour.

More information:
Rana Dadpour et al, Paradise lost? Rental housing insecurity and the lived experiences of amenity migrants in Cairns, Australia, Australian Planner (2024). DOI: 10.1080/07293682.2024.2405673

Citation:
Rental crisis in regional cities prompts rethinking of moves (2024, October 10)
retrieved 10 October 2024
from https://phys.org/news/2024-10-rental-crisis-regional-cities-prompts.html

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Declines in plant resilience threaten carbon storage in the Arctic

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Declines in plant resilience threaten carbon storage in the Arctic


Declines in plant resilience threaten carbon storage in the Arctic
Vegetation resilience pervasively decreased in southern boreal forests while increased in Arctic tundra. Credit: Nature Ecology & Evolution (2024). DOI: 10.1038/s41559-024-02551-0

Rapid warming has impacted the northern ecosystem so significantly that scientists are concerned the region’s vegetation is losing the ability to recover from climate shocks, suggests a new study.

Their findings revealed that due to frequent disturbances like wildfires that raze down vegetation and persistent drought and deforestation that starve both the land and wildlife, the resilience of many plant communities in southern boreal forests—or their ability to recover after these events—significantly decreased over time.

This may affect the Arctic carbon budget, foreshadowing a future where the region is likely to become a carbon source instead of remaining a carbon sink due to its limited capacity to absorb atmospheric carbon dioxide in the coming decades.

This is because Arctic and boreal regions have warmed several times faster than other places around the globe and further warming is expected in the near future, said Yue Zhang, lead author of the study and a graduate student in Earth sciences at The Ohio State University.

“When we talk about the response of forests to climate change, most of the time we’re thinking about the tropical rainforest,” said Zhang. “But remote boreal forests are really important in terms of their vast extent, large carbon storage and potential to mitigate climate change.”

The study was recently published in Nature Ecology & Evolution.

To better understand how the region’s ecosystem changed because of increased warming, researchers used historical data from NASA’s Arctic-Boreal Vulnerability Experiment (ABoVE) program to remotely sense subtle changes in greenness in Alaska and western Canada between 2000 and 2019. They were able to estimate the time-varying speed of vegetation recovery from small fluctuations or large losses, even in areas where large losses have not happened yet.

The study found that while plant resilience in the southern boreal forests notably decreased, even in regions with greening trends, resilience was thought to have increased in most of the Arctic tundra. In addition to fires, other factors like heat and drought could have contributed to declines in plant resilience in the south, and changes in nutrient availability could have helped vegetation thrive in the rest of the Arctic.

While the release of food may benefit plant growth and resilience, the reality is that the rising temperatures that make this possible could also cause Arctic permafrost to melt more quickly than it already is, releasing from the ground as much carbon as 35 million cars emit in a year and hastening the arrival of climate tipping points.

It is uncertain now how much of the carbon will be absorbed by plants and how much will contribute to further warming, said Zhang.

“That’s pretty concerning, because while greening may indicate that productivity and carbon uptake in these regions is increasing now, resilience decline indicates that it may not be sustainable in the longer term,” she said.

According to the study, these shifts are indications that the entire ecosystem is in danger, as a large fraction of southern boreal forests is losing its stability, potentially leading to widespread forest loss and biome shifts.

Greening regions that experience resilience decline at the same time might also signal that the region is struggling to take a few last deep breaths before significant forest loss, said Yanlan Liu, senior author of the study and an assistant professor of Earth Sciences at Ohio State.

This means that while the region could absorb significant amounts of carbon in the short term, scientists expect that if resilience continues to decline, the Arctic boreal ecosystem may not be as effective in mitigating climate in the long term as previously thought.

“Temperature records show this region is warming up to two to four times faster than the global average,” said Liu. “This is a hot spot of vegetation change where studying it can tell us about the ecosystem stability and what it’s capable of tolerating before it transitions into an alternative state through pervasive forest loss.”

The study further revealed that warm and dry areas with high elevation and dense vegetation cover were among the hotspots of resilience decline. Yet because many climate models currently lack consensus on how vegetation change and carbon dynamics contribute to the other, this team’s work will help enhance such models by informing scientists of where vegetation changes are likely to occur.

Ultimately, said Zhang, their method revealed more nuanced changes in the health of the region’s vegetation, beyond previously reported greening and browning trends. This method also provides researchers a tool to identify potential vegetation loss in other regions in the coming decades.

With plans to continue trying to accurately predict ecosystem changes, researchers note their results warrant more field investigations aimed at better characterizing and understanding the resilience of the region.

“Scientists need to learn to quantify climate-induced risks through diverse lenses,” said Liu. “On top of satellite remote sensing, we need more ground observations to help us identify ways to leverage these findings to inform future resources and risk management strategies.”

More information:
Yue Zhang et al, Warming and disturbances affect Arctic-boreal vegetation resilience across northwestern North America, Nature Ecology & Evolution (2024). DOI: 10.1038/s41559-024-02551-0

Citation:
Declines in plant resilience threaten carbon storage in the Arctic (2024, October 10)
retrieved 10 October 2024
from https://phys.org/news/2024-10-declines-resilience-threaten-carbon-storage.html

This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.





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