Suchergebnisse

Purpose
The phenomenon of "broken rungs" has prevented most women from attaining managerial positions relative to men. Despite this gender disparity in management, female executives are more likely to enhance shareholder trust due to higher ethical standards, which can be hypothesized to mitigate the negative impact of family ownership on firm value. Therefore, this study aims to investigate the moderating role of female ownership and female directors in mitigating the unfavorable effects of family ownership on firm value as measured by Tobin's Q and the Market Value of Equity (MVE).


Design/methodology/approach
Multiple linear regression is applied to examine the proposed hypotheses, as well as other vital factors, such as board independence (BI), the dual chief executive officer (CEO)–chairman role (CEO duality) and control variables (i.e. firm size, firm age, leverage and investment ratio).


Findings
The results revealed that female directors could buffer the negative impact caused by family ownership, leading to higher firm value, when given a sufficient level of female ownership or the appointment of more female directors, regardless of female ownership levels. Otherwise, female ownership cannot help overcome the negative effects of family ownership in Thai-listed firms. This study also sheds light on corporate governance elements that impact firm value. CEO duality reduces the value of Thai-listed companies, whereas board independence increases firm value.


Practical implications
The managerial roles for women should be promoted in Thai-listed enterprises. The government can support new laws, policies and programs for embracing a cross-cutting gender perspective. Female network initiatives enable women to advance in their managerial careers.


Originality/value
To the best of the authors' knowledge, this study intends to fill the research gap by investigating how female directors and owners can moderate family ownership's influence on the value of firms listed on the Stock Exchange of Thailand (SET), which is one of the emerging capital markets.

Shuang Jiang,1,2,* Xiaobo Wang,2,* Zhiran Zhang,2 Lan Sun,3 Yunzhu Pu,3 Hongjuan Yao,3 Jingcao Li,3 Yan Liu,3 Yingge Zhang,3 Weijing Zhang1,4 1Department of Lymphoma, Affiliated Hospital of the Military Medical Academy of Sciences, Beijing, 2Department of Pharmacy, 210th Hospital of the People's Liberation Army, Dalian, 3Key Laboratory of Nanopharmacology and Nanotoxicology, Institute of Pharmacology and Toxicology, Academy of Military Medical Sciences, 4Department of Lymphoma, Beijing Shijitan Hospital of Capital Medical University, Beijing, People's Republic of China *These authors contributed equally to this work Abstract: A monoclonal antibody targeted nanoscale drug delivery system (NDDS) for chemotherapy was evaluated in CD20-positive Raji cells in vitro. Nanoparticles were formed by the assembly of an amphiphilic polymer consisting of 1,2-distearoyl-sn-glycero-3-phosphoethanolamine-N-methoxypolyethyleneglycol-2000 (DSPE-PEG2000). Active carbon nanoparticles (ACNP) were conjugated to the chemotherapeutic agent, doxorubicin (DOX), and the nanoliposome carrier, DSPE-PEG2000 and DSPE-PEG2000-NH2 conjugated to the human anti-CD20 monoclonal antibody that targets B-lymphocytes. This monoclonal antibody targeted nanoparticle delivery system for chemotherapy formed the active NDDS complex, ACNP-DOX-DSPE-PEG2000-anti-CD20. This active NDDS was spherical in morphology and had good dispersion in the culture medium. When compared with the effects on CD20-negative YTS cells derived from natural killer/T-cell lymphoma, the active NDDS, ACNP-DOX-DSPE-PEG2000-anti-CD20, demonstrated DOX delivery to CD20-positive Raji cells derived from Burkitt's lymphoma (B cell lymphoma), resulting in increased cell killing in vitro. The intracellular targeting efficiency of the ACNP-DOX-DSPE-PEG2000-anti-CD20 complex was assessed by confocal laser microscopy and flow cytometry. The findings of this in vitro study have shown that the DSPE-PEG2000 polymeric liposome is an effective nanocarrier of both a monoclonal antibody and a chemotherapy agent and can be used to target chemotherapy to specific cells, in this case to CD20-positive B-cells. Future developments in this form of targeted therapy will depend on the development of monoclonal antibodies that are specific for malignant cells, including antibodies that can distinguish between lymphoma cells and normal lymphocyte subsets. Keywords: CD20, active carbon nanoparticles, doxorubicin, nanoscale drug delivery, targeted therapy, DSPE-NH2-anti-CD20 conjugate