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We show that firms with chief executive officers (CEOs) who gain general managerial skills over their lifetime of work experience produce more patents. We address the potential endogenous CEO–firm matching bias using firm–CEO fixed effects and variation in the enforceability of noncompete agreements across states and over time during the CEO’s career. Our findings suggest that generalist CEOs spur innovation because they acquire knowledge beyond the firm’s current technological domain, and they have skills that can be applied elsewhere should innovation projects fail. We conclude that an efficient labor market for executives can promote innovation by providing a mechanism of tolerance for failure. The Internet appendix is available at https://doi.org/10.1287/mnsc.2017.2828 . This paper was accepted by Gustavo Manso, finance.

This paper analyses the relationship between the intellectual capital of higher education institutions (HEIs) and their sustainable development practices, and assesses whether higher education institutions’ sustainable development practices are related to their stakeholders’ quality of life. Using a structural equation model, two model specifications are estimated, gathering primary data from a convenience sample composed of 738 full-time students and 587 teachers/researchers at seven Portuguese higher education institutions. The findings reveal that intellectual capital influences sustainable development practices directly and positively, whereas sustainable development practices influence students’ quality of life in a significant way, although the same is not verified for teachers/researchers. These findings provide insightful implications for policy-making and intellectual capital management for practices in higher education institutions; firstly, by showing that the sustainable development concept is associated with HEIs’ practices of economic, environmental, social and organisational sustainability; secondly, by concluding that public Portuguese HEIs need to improve the social dimension of their sustainable development practices, and here there may be room for improvement in the institution through better and more proficient social engagement that is more directed to the challenges of sustainability and social change; and thirdly, by showing that the inclusion of better sustainable practices has repercussions on the quality of life of all stakeholders.

We study the performance of equity mutual funds run by asset management divisions of commercial banking groups using a worldwide sample. We show that bank-affiliated funds underperform unafiliated funds by 92 basis points per year. Consistent with conflicts of interest, the underperformance is more pronounced among those affiliated funds that overweight the stock of the bank's lending clients to a great extent. Divestitures of asset management divisions by banking groups support a causal interpretation of the results. Our findings suggest that affiliated fund managers support their lending divisions' operations to reduce career concerns at the expense of fund investors.

Despite significant progress, high-speed live-cell super-resolution studies remain limited to specialized optical setups, generally requiring intense phototoxic illumination. Here, we describe a new analytical approach, super-resolution radial fluctuations (SRRF), provided as a fast graphics processing unit-enabled ImageJ plugin. In the most challenging data sets for super-resolution, such as those obtained in low-illumination live-cell imaging with GFP, we show that SRRF is generally capable of achieving resolutions better than 150 nm. Meanwhile, for data sets similar to those obtained in PALM or STORM imaging, SRRF achieves resolutions approaching those of standard single-molecule localization analysis. The broad applicability of SRRF and its performance at low signal-to-noise ratios allows super-resolution using modern widefield, confocal or TIRF microscopes with illumination orders of magnitude lower than methods such as PALM, STORM or STED. We demonstrate this by super-resolution live-cell imaging over timescales ranging from minutes to hours. Super-resolution fluorescent imaging typically makes use of intense phototoxic illumination. Here the authors achieve live-cell super-resolution imaging using low-illumination standard microscopes with the aid of a new analytical approach called Super-Resolution Radial Fluctuations (SRRF), provided as an ImageJ plugin.

Super-resolution microscopy depends on steps that can contribute to the formation of image artifacts, leading to misinterpretation of biological information. We present NanoJ-SQUIRREL, an ImageJ-based analytical approach that provides quantitative assessment of super-resolution image quality. By comparing diffraction-limited images and super-resolution equivalents of the same acquisition volume, this approach generates a quantitative map of super-resolution defects and can guide researchers in optimizing imaging parameters.

Quantitative fluorescence and superresolution microscopy are often limited by insufficient data quality or artifacts. In this context, it is essential to have biologically relevant control samples to benchmark and optimize the quality of microscopes, labels and imaging conditions. Here, we exploit the stereotypic arrangement of proteins in the nuclear pore complex as in situ reference structures to characterize the performance of a variety of microscopy modalities. We created four genome edited cell lines in which we endogenously labeled the nucleoporin Nup96 with mEGFP, SNAP-tag, HaloTag or the photoconvertible fluorescent protein mMaple. We demonstrate their use (1) as three-dimensional resolution standards for calibration and quality control, (2) to quantify absolute labeling efficiencies and (3) as precise reference standards for molecular counting. These cell lines will enable the broader community to assess the quality of their microscopes and labels, and to perform quantitative, absolute measurements.

Sustainability has become a significant issue for firms and investors throughout the world, although it cannot be attained if policies impact the stability of firms’ dividend policies. In this paper, we use data from the Stoxx Euro 600 firms from 2000 to 2019 and the ESG (environmental, social and governance) scores from Thomson Reuters to assess the relationship between ESG responsibility performances and the firm’s dividend policy. The results indicate that more sustainable firms exhibit a more stable dividend payout. This result is also valid when the ESG pillars are analysed, specifically, the environmental and governance pillars. The findings further suggest that higher ESG scores reveal better long-term alignment with shareholders and other stakeholders due to more proportionally stable profit sharing.

This study explores the contributions of different dimensions of the intellectual capital of higher education institutions (ICHEIs) to their performance, incorporating the previously unexplored dimension of quality of life (QoL) as a performance measure, and correspondingly taking into account the connection between the Theory of Stakeholders and the Theory of Legitimacy. Applying a Structural Equation Model and the Partial Least Squares method, we present new empirical findings from a sample of 738 students and 587 lecturers/researchers from seven Portuguese public HEIs. The ICHEIs positively influence the institution’s performance, through relational capital and structural capital; and QoL emerges as an important dimension of HEIs’ performance standards, especially regarding students’ perception of academic QoL. When HEIs understand and measure their IC, they will gain a better understanding of their core competencies, enabling a better allocation of resources and implementation of more effective strategic and operational actions.

We investigate the effects of bank control over borrower firms whether by representation on boards of directors or by the holding of shares through bank asset management divisions. Using a large sample of syndicated loans, we find that banks are more likely to act as lead arrangers in loans when they exert some control over the borrower firm. Bank-firm governance links are associated with higher loan spreads during the 2003—2006 credit boom but lower spreads during the 2007—2008 financial crisis. Additionally, these links mitigate credit rationing effects during the crisis. The results are robust to several methods to correct for the endogeneity of the bank-firm governance link. Our evidence, consistent with intertemporal smoothing of loan rates, suggests that there are costs and benefits from banks' involvement in firm governance.

Purpose This study aims to identify stakeholders’ perceptions of the effects associated with different components of intellectual capital (IC) on the sustainable development (SD) practices of higher education institutions (HEIs). Design/methodology/approach The empirical approach uses a structural equation model to provide new empirical findings in relation to 738 students and 587 lecturers/researchers at seven Portuguese state HEIs through quantitative research. Findings The results obtained are, firstly, important contributions to the literature on the IC and SD practices of HEIs, as a relationship between these two constructs is confirmed, especially through relational capital (RC) and structural capital (SC). Secondly, the stakeholders considered show different perceptions of the influence of the components of HEIs’ IC on these institutions’ SD practices, and thirdly, perception of the economic dimension is most influenced. Practical implications The empirical findings indicate the need to provide better information about HEIs’ policies and practices of SD and how the latter contribute to the SD of the institution and its region of influence. Originality/value No previous studies investigate students and teachers/researchers’ perceptions of the social, environmental, economic and organizational dimensions of SD in HEIs and at the same time how those perceptions can be influenced by the components of IC (e.g. human capital, SC, RC) in that institution.