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We investigate how independent directors view corporate social responsibility (CSR). Exploiting the passage of the Sarbanes-Oxley Act (SOX) and the associated exchange listing requirements as an exogenous regulatory shock, we document that independent directors view CSR activities unfavorably. In particular, firms forced to raise board independence reduce CSR engagement significantly relative to those not required to increase board independence. Our results are consistent with the risk-mitigation view and the agency cost hypothesis where managers over-invest in CSR to mitigate their own exposure to non-systematic risk. The over-investments in CSR are curbed in the presence of a stronger, more independent, board of directors. Several robustness checks confirm the results, including fixed-effects and random-effects regressions, dynamic panel data analysis, instrumental-variable analysis, and propensity score matching, Lewbel’s (2012) heteroscedastic identification, and Oster’s (2017) method for coefficient stability. We also confirm the risk-mitigation hypothesis by showing that CSR activities reduce firm risk significantly. Our research design is much less vulnerable to endogeneity and is therefore likely to show a causal effect of board independence on CSR.

Virulence factor expression is integral to pathogenicity of Staphylococcus aureus. We previously demonstrated that aspirin, through its major metabolite, salicylic acid (SAL), modulates S. aureus virulence phenotypes in vitro and in vivo. We compared salicylate metabolites and a structural analogue for their ability to modulate S. aureus virulence factor expression and phenotypes: (i) acetylsalicylic acid (ASA, aspirin); (ii) ASA metabolites, salicylic acid (SAL), gentisic acid (GTA) and salicyluric acid (SUA); or (iii) diflunisal (DIF), a SAL structural analogue. None of these compounds altered the growth rate of any strain tested. ASA and its metabolites SAL, GTA and SUA moderately impaired hemolysis and proteolysis phenotypes in multiple S. aureus strain backgrounds and their respective deletion mutants. Only DIF significantly inhibited these virulence phenotypes in all strains. The kinetic profiles of ASA, SAL or DIF on expression of hla (alpha hemolysin), sspA (V8 protease) and their regulators (sigB, sarA, agr (RNAIII)) were assessed in two prototypic strain backgrounds: SH1000 (methicillin-sensitive S. aureus; MSSA) and LAC-USA300 (methicillin-resistant S. aureus; MRSA). DIF induced sigB expression which is coincident with the significant inhibition of RNAIII expression in both strains and precedes significant reductions in hla and sspA expression. The inhibited expression of these genes within 2 h resulted in the durable suppression of hemolysis and proteolysis phenotypes. These results indicate that DIF modulates the expression of key virulence factors in S. aureus via a coordinated impact on their relevant regulons and target effector genes. This strategy may hold opportunities to develop novel antivirulence strategies to address the ongoing challenge of antibiotic-resistant S. aureus.

Motivated by agency theory, we investigate the effect of board size on corporate outcomes. To address endogeneity, we exploit the variations in the director-age populations across the states in the US. We argue that firms with access to a larger pool of potential directors tend to have larger boards. Consistent with this notion, our empirical results show that firms located where the size of the director-age population is larger have significantly larger board size. Because the director-age population represents broad demographic trends outside of any firm’s control, it is unlikely related to firm outcomes or policies and should be exogenous. Using the director-age population as our instrument, we estimate the effects of board size on firm value and profitability. Our approach is less vulnerable to endogeneity and is more likely to show a causal effect.

This article describes British Library funded research into the Sheffield libraries strike last year. The aim of the research was to investigate the impact of the temporary closure of public library services on user behaviour and attitudes. It examines the robustness of public library use and how easily previous patterns of use were resumed after the strike. Assertions in previous research about the effect of the public library on the local infrastructure are also tested. The full Report is available from the British Library, (Research and Innovation Report 6224).

We present the largest, most homogeneous catalogue of merging galaxies in the nearby universe obtained through the Galaxy Zoo project - an interface on the world-wide web enabling large-scale morphological classification of galaxies through visual inspection of images from the Sloan Digital Sky Survey (SDSS). The method converts a set of visually-inspected classifications for each galaxy into a single parameter (the `weighted-merger-vote fraction,' $f_m$) which describes our confidence that the system is part of an ongoing merger. We describe how $f_m$ is used to create a catalogue of 3003 visually-selected pairs of merging galaxies from the SDSS in the redshift range $0.005 < z, 16 Pages, 13 diagrams (some colour). First of two papers on SDSS mergers. This is the version accepted for publication by MNRAS. Changes from v1 include: correction of mislabels in Figure 4, removal of flow diagram (Figure 5 in v1), removal of Appendix B, rephrasing of various sections. Almost all changes are stylistic and designed for greater clarity/brevity

Some active galactic nuclei (AGN) are surrounded by extended emission-line regions (EELRs), which trace both the illumination pattern of escaping radiation and its history over the light-travel time from the AGN to the gas. From a new set of such EELRs, we present evidence that the AGN in many Seyfert galaxies undergo luminous episodes 20,000-200,000 years in duration. Motivated by the discovery of the spectacular nebula known as Hanny's Voorwerp, ionized by a powerful AGN which has apparently faded dramatically within ~ 100,000 years, Galaxy Zoo volunteers have carried out both targeted and serendipitous searches for similar emission-line clouds around low-redshift galaxies.We present the resulting list of candidates and describe spectroscopy identifying 19 galaxies with AGN-ionized regions at projected radii > 10 kpc. This search recovered known EELRs and identified additional previously unknown cases, one with detected emission to r = 37 kpc. At least 14/19 are in interacting or merging systems; tidal tails are a prime source of extraplanar ionized gas. We see a mix of one- and two-sided structures, with observed cone angles from 23-112 degrees. We consider the energy balance in the ionized clouds, with lower and upper bounds on ionizing luminosity from recombination and ionization-parameter arguments, and estimate the luminosity of the core from the far-infrared data. The implied ratio of ionizing radiation seen by the clouds to that emitted by the nucleus, for a constant nuclear source, ranges from 0.02 to > 12; 7/19 exceed unity. Small values imply heavily obscured AGN. However, large values may require that the AGN has faded over tens of thousands of years, giving us several examples of systems in which such dramatic long-period variation has occurred; this is the only current technique for addressing these timescales in AGN history. (Abridged)

In this paper, we examine why some bidders decide not to hire investment bank advisors in M&A transactions. We build a sample of 181 M&A transactions in which the acquiring firms do not hire investment bank advisors, and compare them with a control sample of 181 M&A transactions in which the acquiring firms hire investment bank advisors. We find that the transaction costs are the primary reason that investment banks are hired as advisors for bidders in M&A transactions. In addition, the information asymmetry and contracting costs are the other two reasons that bidders hire investment banks in M&A transactions.

Motivated by agency theory, we investigate the effect of board size on corporate outcomes. To address endogeneity, we exploit the variations in the director-age populations across the states in the U.S. We argue that firms with access to a larger pool of potential directors tend to have larger boards. Consistent with this notion, our empirical results show that firms located where the size of the director-age population is larger have significantly larger board size. Because the director-age population represents broad demographic trends outside of any firm’s control, it is unlikely related to firm outcomes or policies and should be exogenous. Using the director-age population as our instrument, we estimate the effects of board size on firm value and profitability. Our approach is less vulnerable to endogeneity and is more likely to show a causal effect.

Reports the first stage of an investigation into the public library workforce in the UK. The investigation consisted of a postal survey of all UK public library authorities and had an 80 per cent response rate. Information and data were collected concerning recruitment and retention. The results indicate a high level of variation in attitudes and practices. There is evidence that some authorities that have career development initiatives are twice as likely to be actively recruiting candidates, and a statistically significant relationship between the length of stay of new professionals and ongoing career development. There is evidence of a new trend in recruitment which emphasises specific qualities, skills and abilities which candidates offer, rather than possession of a single qualification. It was found that there is staff retention by default.

Reports the first stage of an investigation into the public library workforce in the UK. The investigation consisted of a postal survey of all UK public library authorities and had an 80 per cent response rate. Information and data were collected concerning recruitment and retention. The results indicate a high level of variation in attitudes and practices. There is evidence that some authorities that have career development initiatives are twice as likely to be actively recruiting candidates, and a statistically significant relationship between the length of stay of new professionals and ongoing career development. There is evidence of a new trend in recruitment which emphasises specific qualities, skills and abilities which candidates offer, rather than possession of a single qualification. It was found that there is staff retention by default.

Reports on management issues arising when authorities decide to close public library service points. The data come from two British Library funded projects. The first used a questionnaire survey of all local authorities in England and Wales to reveal the extent of reductions in access, followed by “before and after” studies of users affected. The second study investigated what authorities had learned from their experience of closing libraries. Twenty authorities that had closed libraries for financial reasons were surveyed and senior managers interviewed in ten of these. The study concludes that there are no criteria which can justify closure to library users. Consultation is often minimal due primarily to the short budget timescales. The process of closing libraries can be traumatic, the public backlash often deterring local politicians from agreeing to further cuts. A key issue in preventing the closure of libraries is the way authorities conventionally measure their success. Authorities need to recognise that the local library has a wide‐ranging social value, besides being a source of reading material. That value is identified by the research.

Reports on a British Library‐funded investigation of the impact of an eight‐week library closure on the behaviour and attitudes of public library users in Sheffield. Surveys of users, bookshops and other libraries provided evidence about the importance of individual services to users, the possible replacement of services from other sources, and the effect of the closure on the local infrastructure. An assessment was made of the robustness of the library habit and its vulnerability to competition. This was accomplished by investigating the take‐up of alternative leisure pursuits, users’ future intentions, and by comparing forecast with actual book issues for the six months following the end of the strike. The data suggest that for the vast majority of library users the public library is a service of great value, enhancing quality of life, and fulfilling an essential need that no other pursuit or activity satisfies.

I approach this work in the knowledge that the recruitment and selection of staff is one of the most neglected areas of library management. I have been unable to trace any monograph devoted to the subject published during the past 10 years and few general books on library management spare more than a cursory glance in its direction.