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Does Confucianism Reduce Corporate Over-Investment? Evidence from China
Khalil Jebran,Shihua Chen,Yan Ye 한국증권학회 2019 Asia-Pacific Journal of Financial Studies Vol.48 No.2
In this study, we argue that Confucianism, as an informal institution, mitigates agency problems and thus curbs managerial over-investment behavior. Using a sample of Chinese listed firms over the period 2000 to 2015, we find strong evidence that Confucianism is negatively associated with over-investment. Furthermore, we document that the negative association between Confucianism and over-investment is weaker for state-owned enterprises than for non-state-owned enterprises. Overall, the findings enrich our understanding that informal institutions can play a significant role in influencing corporate behavior.
Patrick Casey,Madhu Parna Chaudhury,Asaad Khan,Jebran Amin,Abdul Afzal,Carmello Corallo,Domnic Sebastian,Matthew Atkinson,Daren Subar 한국간담췌외과학회 2019 Annals of hepato-biliary-pancreatic surgery Vol.23 No.4
Backgrounds/Aims: Pancreatic leak and fistula formation following pancreatic resection is a dreaded complication associated with significant morbidity and mortality. The perioperative use of inotropes has been implicated in anastomotic dehiscence in other types of gastrointestinal surgery but their impact in pancreatic surgery remains unclear and a potentially modifiable risk factor for pancreatic leak. This study aims to assess the impact of perioperative inotrope infusion on the incidence of pancreatic leak following pancreaticoduodenectomy. Methods: Retrospective data analysis of all patients undergoing pancreaticoduodenectomy at a tertiary HPB institute. Multivariate analysis and regression models assessed the impact of inotrope use against other known risk factors such as pancreatic duct size and gland texture. Pancreatic fistulae were graded as per ISGPF as Grade A (biochemical leak), Grade B and Grade C fistula. Results: One-hundred and twenty-three (123) patients were included. A total of 52 patients (42%) developed a leak (29 grade A, 15 grade B, and 8 Grade C). In the fistula group, 28 patients (55%) received perioperative inotropes compared to 26 (35%) in the no fistula group. On univariate analysis, patients receiving inotropes (p=0.04) and patients with a soft pancreatic texture (p=0.003) had a statistically higher incidence of developing a pancreatic fistula of any grade. On multivariate analysis, only inotrope use was associated with an increased risk of developing a pancreatic fistula of any grade (OR 2.46, p=0.026), independent of pancreatic texture and pancreatic duct size. Conclusions: Perioperative inotrope use is associated with an increase incidence of pancreatic leak following pancreaticoduodenectomy and should therefore be used judiciously.