Foreign Promoter Research Articles

Foreign institutional ownership stability and stock price crash risk

This study investigates the impact of foreign institutional investors (FIIs) on stock price crash risk in India. Panel regression findings reveal that higher levels of FII holdings, signifying positional trading, exacerbate crash risk. Conversely, increased stability of FII holdings, indicative of active monitoring, diminishes crash risk. Notably, FIIs’ buying interest does not influence crash risk, affirming that their risk mitigation arises from active monitoring and not from curbing selling pressure. Further analysis reveals that FII stability reduces crash risk only when controlling shareholder (i.e., promoter) equity holding is low. This promoter effect is driven by domestic promoters and not foreign promoters.

Ownership concentration impact on the firm performance: Evidence from the manufacturing and services industrial sector

The influence of the ownership concentration components of the manufacturing and service companies listed on the Indian National Stock Exchange (NSE) 500 Index is examined in this study. The utilization of stronger regression methods including the ordinary least square (OLS) regression and fixed effects model (FEM) along with the random effects model (REM) indicate that the shares held by the promoter corporate bodies and Indian and foreign promoters did not significantly affect the overall performance of the firm (as measured by Tobin’s Q and return on assets (ROA)). However, the performance of the company as a whole is negatively impacted by the shares pledged by the promoter corporate bodies, as well as by the foreign and Indian promoters (as evaluated by Tobin’s Q and ROA). These shareholdings are used as security by the promoters to reduce their costs and this has been reflected in the shareholdings of the promoters.

Hybrid Synthetic Promoters in Saccharomyces cerevisiae Built on Foreign Promoter Sequences.

Traditionally, hybrid promoters are constructed, in Saccharomyces cerevisiae, by joining the core region and the upstream activating sequences from different native promoters. Here, we describe a new design that makes use of the core promoters from foreign organisms: viruses, humans, and the yeast Schizosaccharomyces pombe. With this approach, we realized a library of 59 new constitutive promoters that span over nine folds in gene expression.

Post-Acquisition Changes in Agency Cost of Acquirers: Effect of Target Companies

Acquisitions constitute substantial corporate investments, often leading to changes in ownership and top management giving rise to possible conflicts of interest. The impacts of such conflicts following an acquisition are absorbed by the acquirer and are referred to as agency costs. This study focuses on exploring the influence of the target companies on changes in the post-acquisition agency costs of acquiring companies. A panel fixed effects model is used to analyze acquisitions that took place between 2008–09 and 2019–20. The study’s findings indicate that post-acquisition changes in the agency costs of acquirers significantly vary based on the presence of domestic and foreign promoters in the target company. Further promoter groups such as domestic promoters and foreign promoters contribute to conflicting interests, exacerbating post-acquisition agency costs. The monitoring role assumed by foreign promoters of target companies plays a pivotal part in reducing the post-acquisition agency costs of acquirers. Foreign promoters also positively influence post-acquisition profitability by adversely affecting operating expenses, suggesting that they mitigate agency costs by exerting control over management through the monitoring of debt, cash, and profitability. The post-acquisition utilization of the target’s cash reserves positively correlates with the operating expenses of the acquirer. It is observed that the acquisition of larger targets magnifies agency costs.

Foreign Direct Investment in Automobile Sector in India

India believes that manufacturing is crucial for national development, and the manufacturing sector contributes significantly to the country's GDP. Among various production sectors in India's manufacturing industry, foreign promoters have played a noteworthy economic role. The automobile industry and its auto components sector hold a prominent position in the global market. This paper focuses on the growth of Foreign Direct Investment (FDI) inflows in the Indian Automobile sector and examines the impact of the industry's size on FDI inflows. Notably, during the financial years 2021-2022, FDI in the Indian Automobile sector witnessed a remarkable growth of 326.1164%, ranking fifth in attracting the highest FDI inflows. The size of the industry holds a significant influence on the growth of FDI inflows in India.

Promoter ownership, institutional ownership, and firm performance

The study aims to examine the relationship between ownership structure and firm performance. We have analyzed the data of 113 firms with 565 observations from 2013 to 2017 using the fixed panel data estimation approach. A subsample analysis has been employed by dividing the data based on firm size, board size, and firm age to test the robustness of the analysis. Results indicate a positive impact of domestic promoters, foreign promoters, and institutional shareholders on firm performance, whereas non-institutional shareholders bear an inverse relationship with performance. It has implications for regulators and policymakers responsible for formulating ownership structure policies in light of ongoing regulatory reforms.

Enhancing transcription in Escherichia coli and Pseudomonas putida using bacteriophage lambda anti-terminator protein Q.

Functional characterization of metagenomic DNA often involves expressing heterologous DNA in genetically tractable microorganisms such as Escherichia coli. Functional expression of heterologous genes can suffer from limitations due to the lack of recognition of foreign promoters or presence of intrinsic terminators on foreign DNA between a vector-based promoter and the transcription start site. Anti-terminator proteins are a possible solution to overcome this limitation. When bacteriophage lambda infects E. coli, it relies on the host transcription machinery to transcribe and express phage DNA. Lambda anti-terminator protein Q (λQ) regulates the expression of late-genes of phage lambda. E. coli RNA polymerase recognizes the PR' promoter on the lambda genome and forms a complex with λQ, to overcome the terminator tR'. Here we show the use of λQ to efficiently transcribe a capsular polysaccharide cluster, cps3, from Lactobacillus plantarum containing intrinsic terminators in Escherichia coli. In addition, we expand the use of anti-terminator λQ in Pseudomonas putida. The results show ~ fivefold higher expression of a fluorescent reporter located ~ 12.5kbp downstream from the promoter, when the transcription is driven by PR' promoter in presence of λQ compared to a lac promoter. These results suggest that λQ could be used in metabolic engineering to enhance expression of heterologous DNA.

A cryptic long-chain 3-ketoacyl-ACP synthase in the Pseudomonas putida F1 unsaturated fatty acid synthesis pathway

The Pseudomonas putida F1 genome contains five genes annotated as encoding 3-ketoacyl-acyl carrier protein (ACP) synthases. Four are annotated as encoding FabF (3-ketoacyl-ACP synthase II) proteins, and the fifth is annotated as encoding a FabB (3-ketoacyl-ACP synthase I) protein. Expression of one of the FabF proteins, FabF2, is cryptic in the native host and becomes physiologically important only when the repressor controlling fabF2 transcription is inactivated. When derepressed, FabF2 can functionally replace FabB, and when expressed from a foreign promoter, had weak FabF activity. Complementation of Escherichia coli fabB and fabF mutant strains with high expression showed that P. putida fabF1 restored E. coli fabF function, whereas fabB restored E. coli fabB function and fabF2 restored the functions of both E. coli fabF and fabB. The P. putida ΔfabF1 deletion strain was almost entirely defective in synthesis of cis-vaccenic acid, whereas the ΔfabB strain is an unsaturated fatty acid (UFA) auxotroph that accumulated high levels of spontaneous suppressors in the absence of UFA supplementation. This was due to increased expression of fabF2 that bypasses loss of fabB because of the inactivation of the regulator, Pput_2425, encoded in the same operon as fabF2. Spontaneous suppressor accumulation was decreased by high levels of UFA supplementation, whereas competition by the P. putida β-oxidation pathway gave increased accumulation. The ΔfabB ΔfabF2 strain is a stable UFA auxotroph indicating that suppressor accumulation requires FabF2 function. However, at low concentrations of UFA supplementation, the ΔfabF2 ΔPput_2425 double-mutant strain still accumulated suppressors at low UFA concentrations.

Novel S. cerevisiae Hybrid Synthetic Promoters Based on Foreign Core Promoter Sequences.

Promoters are fundamental components of synthetic gene circuits. They are DNA segments where transcription initiation takes place. New constitutive and regulated promoters are constantly engineered in order to meet the requirements for protein and RNA expression into different genetic networks. In this work, we constructed and optimized new synthetic constitutive promoters for the yeast Saccharomyces cerevisiae. We started from foreign (e.g., viral) core promoters as templates. They are, usually, unfunctional in yeast but can be activated by extending them with a short sequence, from the CYC1 promoter, containing various transcription start sites (TSSs). Transcription was modulated by mutating the TATA box composition and varying its distance from the TSS. We found that gene expression is maximized when the TATA box has the form TATAAAA or TATATAA and lies between 30 and 70 nucleotides upstream of the TSS. Core promoters were turned into stronger promoters via the addition of a short UAS. In particular, the 40 nt bipartite UAS from the GPD promoter can enhance protein synthesis considerably when placed 150 nt upstream of the TATA box. Overall, we extended the pool of S. cerevisiae promoters with 59 new samples, the strongest overcoming the native TEF2 promoter.

Determinants of ownership pattern

Percentage of shares held is considered to be one of the primary measures of ownership structure as this ratio determines how a firm is owned and how the authority is distributed among owners. Studies have been conducted on interrelationships among corporate ownership and board structure characteristics and on the determinants and mechanism by which the ownership structure is formed. Broadly these studies only reflect on one or two governance characteristics with an exception by Agrawal and Knoeber, 1996. The inconclusive studies of ownership structure make it necessary to study the identity the determinants of ownership. Taking a proportionate sample of companies from the four major industries, this study tries to find the factors affecting ownership pattern. Captivating ownership as Indian and foreign promoters, financial performance measured using tobin’s q and duality (chairman and managing director being single person) positively and significantly affect ownership. However, financial leverage negatively impacts ownership. Keywords: ROA-Return on Assets, Tobin’s Q, Corporate Governance

Corporate cash holdings and promoter ownership

We examine the relationship between corporate cash holdings and promoter ownership for a sample of Indian non-financial firms. Consistent with the arguments of the ‘efficient monitoring hypothesis’, our results broadly suggest that promoter ownership is negatively associated with cash holdings, thereby highlighting the role of large owners in preventing cash accretion in an emerging market context. Indicating prominent influence of corporate ownership on cash management, we find that corporate non-promoter ownership is also negatively related with cash holdings. With regard to promoter ownership of foreign entities, our results suggest that cash holdings share a U-shaped relationship with ownership of foreign promoter corporations. In addition, our findings provide weak evidence to support a more pronounced negative association between cash holdings and promoter ownership for group-affiliated firms as compared to non-affiliated firms since the former faces lower financial constraints on account of access to internal capital markets. Finally, we perform long-term effect analysis in order to reinforce robustness of our results.

Genome and sequence determinants governing the expression of horizontally acquired DNA in bacteria.

While horizontal gene transfer is prevalent across the biosphere, the regulatory features that enable expression and functionalization of foreign DNA remain poorly understood. Here, we combine high-throughput promoter activity measurements and large-scale genomic analysis of regulatory regions to investigate the cross-compatibility of regulatory elements (REs) in bacteria. Functional characterization of thousands of natural REs in three distinct bacterial species revealed distinct expression patterns according to RE and recipient phylogeny. Host capacity to activate foreign promoters was proportional to their genomic GC content, while many low GC regulatory elements were both broadly active and had more transcription start sites across hosts. The difference in expression capabilities could be explained by the influence of the host GC content on the stringency of the AT-rich canonical σ70 motif necessary for transcription initiation. We further confirm the generalizability of this model and find widespread GC content adaptation of the σ70 motif in a set of 1,545 genomes from all major bacterial phyla. Our analysis identifies a key mechanism by which the strength of the AT-rich σ70 motif relative to a host’s genomic GC content governs the capacity for expression of acquired DNA. These findings shed light on regulatory adaptation in the context of evolving genomic composition.

FDI and Economic Performance of Firms in India

FDI contributed positively to sales, profit, employment and wages of firms in India from 2004 to 2018. Foreign capital is complementing domestic capital well embodying technology and innovations required for expansion of domestic firms in it. Foreign promoters have played quite significant economic roles among firms across production sectors in manufacturing industry in India. Besides sales, total expenses, managerial remunerations and corporation taxes, involvement of foreign promoters are statistically significant determinants of profits, employment and wages among firms across all seven sectors of the manufacturing industry is clear from analysis of the Prowess database for years 2004, 2008, 2012 and 2014. These effects were even stronger in each of Modi–I years between 2015-2019 that followed the Make in India initiative in 2014. Reforms including the outright 100 per cent ownership provision in the automatic route in most industrial sectors have produced good outcomes that have not only raised the volume of FDI per capita from around 16 dollars in 2000 to 285 dollars in 2018 but also raised the global ranking of India to 63 out of 190 economies in 2019 on the ease of doing business, putting India 79 places above now than in 2014. Based on theoretical and empirical analysis it can be concluded that good sentiments of FDI in India in Modi–II years started in 2019 will prevent diminishing returns on capital and contribute towards sustainable growth in coming years. JEL Codes: F21, F23, F14, J31, O53

Tuber-Specific Expression of Two Gibberellin Oxidase Transgenes from Arabidopsis Regulates over Wide Ranges the Potato Tuber Formation

Potato (Solanum tuberosum L.) tuberization is a practically important natural process regulated by various factors including phytohormones. This work was aimed at studying characteristics of in vitro cultivated potato plants transformed with the AtGA20-oxidase gene promoting biosynthesis of bioactive gibberellins (GAs) or with the AtGA2-oxidase gene acting oppositely, i.e. deactivating functional GAs. Both transgenes originated from Arabidopsis and were fused to a sugar-sensitive B33 patatin promoter providing their expression predominantly in tubers. Global phytohormone determination in AtGA20ox-transformants revealed active GA1 at high and moderate concentrations in tubers and shoots, respectively. In control plants, GA1 was virtually absent. Together with GAs, contents of some other phytohormones were altered in transgenic plants. This was especially true for the auxin content which increased ~15-fold in tubers and more than 4-fold in shoots. Also the jasmonic acid content exhibited a tuber-specific increase while the content of abscisic acid decreased both in tubers and shoots. The dynamics of tuberization in transformed and non-transformed potato plants was recorded in in vitro parallel assays. The transgene for GA inactivation enhanced tuber formation while the transgene promoting active GA synthesis reduced potato productivity. Hence, the crucial role of gibberellin in potato productivity was corroborated. These results showed that the manipulation of the local GA level by using the foreign GA oxidase genes and organ-specific promoters is useful not only to investigate the molecular mechanisms governing tuberization, but also as a biotechnological tool for the manipulation of tuber formation without marked impairment of other physiological traits of potatoes.

Shareholding Pattern: A Sketch of Dividing Cake under SEBI's LODR - 2015

Corporate Governance structure specifies the rules and procedures for making decisions on corporate affairs. The governance framework encourages the efficient use of resources and accountable for the stewardship of those resources. Shareholders are the true owner of any corporate house. As per SEBI's LODR-2015, status of shareholding pattern is one of the important disclosure. The main objective of this research paper is to focus light on the shareholding pattern in IT and Telecom sector companies in regard to SEBI's Listing Obligation and Disclosure Requirement 2015. In this study four IT sector companies Infosys, TCS Ltd., Wipro Ltd. and Bharti Airtel Ltd. have been taken for the financial years 2014-15, 2015-16 and 2016-17. This study shows that all sampled companies comply the requirement regarding the categories of shareholding. It has also been observed that in all companies except Bharti Airtel have no foreign promoters' holding. Bharti Airtel has approx. 21% foreign promoter's holding during the study period. It is suggested that the companies should make efforts for foreign shareholding if it is beneficial to the company.

Chromatin Profiles of Chromosomally Integrated Human Herpesvirus-6A.

Human herpesvirus-6A (HHV-6A) and 6B (HHV-6B) are two closely related betaherpesviruses that are associated with various diseases including seizures and encephalitis. The HHV-6A/B genomes have been shown to be present in an integrated state in the telomeres of latently infected cells. In addition, integration of HHV-6A/B in germ cells has resulted in individuals harboring this inherited chromosomally integrated HHV-6A/B (iciHHV-6) in every cell of their body. Until now, the viral transcriptome and the epigenetic modifications that contribute to the silencing of the integrated virus genome remain elusive. In the current study, we used a patient-derived iciHHV-6A cell line to assess the global viral gene expression profile by RNA-seq, and the chromatin profiles by MNase-seq and ChIP-seq analyses. In addition, we investigated an in vitro generated cell line (293-HHV-6A) that expresses GFP upon the addition of agents commonly used to induce herpesvirus reactivation such as TPA. No viral gene expression including miRNAs was detected from the HHV-6A genomes, indicating that the integrated virus is transcriptionally silent. Intriguingly, upon stimulation of the 293-HHV-6A cell line with TPA, only foreign promoters in the virus genome were activated, while all HHV-6A promoters remained completely silenced. The transcriptional silencing of latent HHV-6A was further supported by MNase-seq results, which demonstrate that the latent viral genome resides in a highly condensed nucleosome-associated state. We further explored the enrichment profiles of histone modifications via ChIP-seq analysis. Our results indicated that the HHV-6 genome is modestly enriched with the repressive histone marks H3K9me3/H3K27me3 and does not possess the active histone modifications H3K27ac/H3K4me3. Overall, these results indicate that HHV-6 genomes reside in a condensed chromatin state, providing insight into the epigenetic mechanisms associated with the silencing of the integrated HHV-6A genome.

Foreign-promoted mutual funds in the continental European market

Although European market regulators have implemented many measures in order tomake the market more integrated, a recent report by the European Fund and AssetManagement Association (EFAMA) in 2015 underlines that domestic actors remainprincipal participants in member countries. My research questions the integration ofthe European market by investigating the place of foreign promoters in continentalEuropean markets. Using 12315 equity funds from 14 continental European countriesfor the period from 2002 to 2014, I analyze the competitiveness and the market sharesof foreign-promoted funds. The results show that foreign-promoted funds seem tobe better performing than domestic-promoted funds. However, they do not attractmore investors. Foreign promoters appear to have significantly smaller market shares.These results highlight the existence of barriers to foreign promoters in the Europeanmutual fund market.

Impact of Ownership Patterns and Firm Life‐Cycle Stages on Firm Performance: Evidence From India

This article reexamines the relationship between ownership patterns and firm financial performance through the prism of firm life‐cycle stages. We use an unbalanced panel data set from the S&P BSE 500 companies in the emerging Indian market over nine years. We adopt multivariate analysis with covariance to explore the relationship between ownership patterns and firm performance across various stages of a firm's life cycle. Empirical results suggest that firm life cycle is a key indicator in the study of relationship between ownership patterns and firm performance. Performance is optimized by different patterns of ownership over different life‐cycle stages. Closely held firms perform better than widely held firms, and those with foreign promoter holdings outperform in most life‐cycle stages. © 2018 Wiley Periodicals, Inc.

In Vivo Transfection of Naked DNA into Xenopus Tadpole Tail Muscle.

In vivo gene transfer systems are important to study foreign gene expression and promoter regulation in an organism, with the benefit of exploring this in an integrated environment. Direct injection of plasmids encoding exogenous promoters and genes into muscle has numerous advantages: the protocol is easy, efficient, and shows time-persistent plasmid expression in transfected muscular cells. After injecting naked-DNA plasmids into tadpole tail muscle, transgene expression is strong, reproducible, and correlates with the amount of DNA injected. Moreover, expression is stable as long as the tadpoles remain, or are maintained, in premetamorphic stages. By directly expressing genes and regulated promoters in Xenopus tadpole muscle in vivo, one can exploit the powerful experimental advantages of gene transfer systems in an intact, physiologically normal animal.

Corporate Governance Abuses and the Ownership Structure of Indian Companies

Attempt of made in this paper to understand the credibility of corporate governance regulations in India after making necessary changes in the Companies Act, 2013 and Clause 49 of Listing Agreement. The significance of this attempt is the corporate governance failure in top rated companies in India such as Tata Sons Limited, Infosys Limited and Ricoh India Limited in the year 2016. From the analysis on top 200 companies listed with NSE, using simple percentage, it is found that the reason for the governance failure in Indian companies is due to the blind adoption of the features of the Anglo-Saxon model of corporate governance into the Indian corporate governance code. One major outcome of the analysis is the strong dominance of majority shareholders in the ownership structure of Indian companies irrespective of the nature of dominance viz. The government of India, Indian promoter, or a foreign promoter. The majority of the companies taken up for the study is dominated by the promoter and promoter group thereby significance of the board and the independence of the board are sidelined by the dominant shareholders, leading to governance crisis in Indian companies.