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Abstract:The concept of supported ionic liquid phase (SILP) catalysis has been extended to 1-butene hydroformylation. A rhodium-sulfoxantphos complex was dissolved in [BMIM][n-C 8 H 17 OSO 3 ] and this solution was highly dispersed on silica. Continuous gas-phase experiments in a fixed-bed reactor revealed these SILP catalysts to be highly active, selective and long-term stable. Kinetic data have been acquired by variation of temperature, pressure, syngas composition, substrate and catalyst concentration. A linear dependency in rhodium concentration could be established over a large concentration range giving another excellent hint for truly homogeneous catalysis in the SILP system. Compared to former studies using propene, the SILP system showed significantly higher activity and selectivity with 1-butene as feedstock. These findings could be elucidated by solubility measurements using a magnetic microbalance.

Purpose The purpose of this paper is to examine the association between politically connected boards (both supervisory boards [SBs] and boards of directors [BODs]) and firm performance. Design/methodology/approach We focus on the political connections of SBs and BODs separately and estimate a quadratic model based on 1,099 Indonesian listed firm-year observations. Additionally, we address endogeneity problem by using sample selection model, generalized method of moments (GMM), propensity score matching\ and lagged variables regression. Findings We find that political connections of SBs are more significantly associated with firm performance than that of BODs. Furthermore, such an association is not monotonic, in that the relationship declines after a certain level of political connections. We also find that stand-alone firms with political connections perform better than firms belonging to family business groups. Our results are robust to alternative measures and to tests for endogeneity. Research limitations/implications This study contributes to the literature by proposing non-linear model to incorporate the rent-seeking and resource dependence arguments. Although previous studies use regression analysis (linear model) and find mixed results on the association between political connections and firm performance, our non-linear model extends our understanding of the relationship between political connections and firm performance. We extend corporate governance literature by examining the role of political supervisory boards in the dual board system and the role of family business group in Indonesia. Several limitations are addressed to interpret all the findings. We use one period of the presidency (SBY-Susilo Bambang Yudhoyono) in Indonesia as our sample, but other regimes are not considered. We collect political connection and family business group information based on publicly data available. For politically connected firms, we do not have information whether they obtain connections through ruling parties or not. Practical implications Practitioners (such as companies and policymakers) can use our models to consider the level of political connections that can improve corporate’s performance. Additionally, they can use our findings to design corporate governance policies. Originality/value The paper identifies the use of the non-linear model on the association between political connections and firm performance in Indonesian dual board system.

The sections in this article are General Aspects The Extremely Low Vapor Pressure of Ionic Liquids Stability of Ionic Liquids in Organic Reactions Liquid–Liquid Biphasic Organic Reactions Tunable Solubility Properties Product Isolation from Organic Reactions with Ionic Liquids Reactive or Catalytic Ionic Liquids in Organic Synthesis Friedel–Crafts Alkylation Introduction and Technical Background Ionic Liquids in Friedel–Crafts Reaction ‐ the Unique Selling Point Liquid–Liquid Biphasic Catalysis Supported Ionic Liquid Phase ( SILP ) Friedel–Crafts Catalysis

We investigate whether political independent supervisory boards (political I-SBs) help companies to reduce their corporate risks in the setting of Indonesian two-tier board system. This study is different from other studies in several ways. First, while most prior studies examine the effectiveness of independent boards in one-tier board setting, we use dual board system. This system promotes the strategic role of political I-SBs. Second, we use two measures of corporate risks: operating and market risks. Based on 1,176 firm-year observations for operating risk analysis and 1,254 firm-year observations for market risk analysis, we find that firms with political I-SBs have lower operating and market risks than firms with non- politically connected independent SBs. We also control for endogeneity problem using GMM (Generalized Method of Moments) method, and the results are still consistent.