Employing a unique dataset of Chinese non-listed firms, this paper investigates the effects of the presence of 19 governance structures on 20 employees’ interest indicators. In general, we find that firms with the governance structures pay workers higher hourly wages, require less monthly working hours, and have a smaller chance of wage arrears. Meanwhile, the shares of total wage and welfare expenditures in total sales revenue are lower in these firms, which results in higher profitability. Moreover, firms with the governance (...) structures invest significantly more into training and provide employees with better fringe benefits. Considering the low labor protection standard and the weak external regulations of China’s labor market, we explain the positive findings thusly: corporate governance structures induce managers to adjust wage payments to the “efficiency wage” level, which is the best balance point for the interests of both shareholders and employees and, therefore, for maintaining the stakeholder relationships. We also find the governance structures that give blockholders superpower are negatively associated with employees interests. These results highlight the importance of giving enough discretion to managers in order to successfully find the common ground for creating mutual values for shareholders and employees. (shrink)

We give a rough statement of the main result. Let D be a compact subset of ℝ3× ℝ. The propagation u of a wave can be noncomputable in any neighborhood of any point of D even though the initial conditions which determine the wave propagation uniquely are computable. A precise statement of the result appears below.

In this paper we study computability of the solutions of the Korteweg-de Vries equation ut + uux + uxxx = 0. This is one of the open problems posted by Pour-El and Richards [25]. Based on Bourgain's new approach to the initial value problem for the KdV equation in the periodic case, we show that the periodic solution u of the KdV equation is computable if the initial data is computable.

We study computability of the abstract linear Cauchy problem equation image)where A is a linear operator, possibly unbounded, on a Banach space X. We give necessary and sufficient conditions for A such that the solution operator K: x ↦ u of the problem is computable. For studying computability we use the representation approach to computable analysis developed by Weihrauch and others. This approach is consistent with the model used by Pour-El/Richards.

As is well known the derivative of a computable and C1 function may not be computable. For a computable and C∞ function f, the sequence {f} of its derivatives may fail to be computable as a sequence, even though its derivative of any order is computable. In this paper we present a necessary and sufficient condition for the sequence {f} of derivatives of a computable and C∞ function f to be computable. We also give a sharp regularity condition on an (...) initial computable function f which insures the computability of its derivative f′. (shrink)

In this paper we investigate conditions for Lp-computability which are in accordance with the classical Grzegorczyk notion of computability for a continuous function. For a given computable real number p ≥ 1 and a compact computable rectangle I ⊂ ℝq, we show that an Lp function f ∈ Lp is LP-computable if and only if f is sequentially computable as a linear functional and the Lp-modulus function of f is effectively continuous at the origin of ℝq.