Effects of Firm Complexity on the Adaption of Board Structure: Evidence from U.S. Electric Utilities Following Deregulation

Author(s):  
Chun-Keung Hoi ◽  
Patricia L. Wollan
2014 ◽  
Vol 12 (3) ◽  
pp. 279
Author(s):  
Patricia L. Wollan

This paper analyzes the impact of deregulation on board structure by comparing the boards of electric utilities before and after the passage of the Energy Policy Act (EPACT) using a unique hand-collected data set. The primary focus of the study is on changes to the boards' character, determined by the background and expertise of the directors. The results show that electric utilities change their board structure in response to their new operating environment. Boards are smaller and more independent in the later period. Also, even though the number of outside directors stays the same, there are two notable changes in the character of these directors. The number of executives from large firms and the number of directors with political backgrounds are both significantly greater after the passage of EPACT. Overall, the results are consistent with Williamson's hypothesis that firms will change the composition and character of their board in response to a change in the firm's operating environment.


TAPPI Journal ◽  
2014 ◽  
Vol 13 (2) ◽  
pp. 17-25
Author(s):  
JUNMING SHU ◽  
ARTHAS YANG ◽  
PEKKA SALMINEN ◽  
HENRI VAITTINEN

The Ji’an PM No. 3 is the first linerboard machine in China to use multilayer curtain coating technology. Since successful startup at the end of 2011, further development has been carried out to optimize running conditions, coating formulations, and the base paper to provide a product with satisfactory quality and lower cost to manufacture. The key challenges include designing the base board structure for the desired mechanical strength, designing the surface properties for subsequent coating operations, optimizing the high-speed running of the curtain coater to enhance production efficiency, minimizing the amount of titanium dioxide in the coating color, and balancing the coated board properties to make them suitable for both offset and flexographic printing. The pilot and mill scale results show that curtain coating has a major positive impact on brightness, while smoothness is improved mainly by the blade coating and calendering conditions. Optimization of base board properties and the blade + curtain + blade concept has resulted in the successful use of 100% recycled fiber to produce base board. The optical, mechanical, and printability properties of the final coated board meet market requirements for both offset and flexographic printing. Machine runnability is excellent at the current speed of 1000 m/min, and titanium dioxide has been eliminated in the coating formulations without affecting the coating coverage. A significant improvement in the total cost of coated white liner production has been achieved, compared to the conventional concept of using virgin fiber in the top ply. Future development will focus on combining low cost with further quality improvements to make linerboard suitable for a wider range of end-use applications, including frozen-food packaging and folding boxboard.


1948 ◽  
Vol 4 (1) ◽  
pp. 27-32
Author(s):  
W. Truslow Hyde
Keyword(s):  

1983 ◽  
Vol 39 (6) ◽  
pp. 40-45
Author(s):  
E. Bruce Fredrikson ◽  
Jeffrey Eckel

1953 ◽  
Vol 9 (4) ◽  
pp. 41-44
Author(s):  
J. Walter Leason
Keyword(s):  

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