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The visual cortex contains information about stimuli even when they are not consciously perceived. However, it remains unknown whether the visual system integrates local features into global objects without awareness. Here, we tested this by measuring brain activity in human observers viewing fragmented shapes that were either visible or rendered invisible by fast counterphase flicker. We then projected measured neural responses to these stimuli back into visual space. Visible stimuli caused robust responses reflecting the positions of their component fragments. Their neural representations also strongly resembled one another regardless of local features. By contrast, representations of invisible stimuli differed from one another and, crucially, also from visible stimuli. Our results demonstrate that even the early visual cortex encodes unconscious visual information differently from conscious information, presumably by only encoding local features. This could explain previous conflicting behavioural findings on unconscious visual processing.

As one of the major business participants, compare to others, family-owned firms are unique due to its special ownership structure, management style, and financing needs. Moreover, how to balance its debt and equity to create the best capital structure for the growth of the company is an interesting academic research topic. Therefore, the purpose of this paper is to review the related literature to find out the connection between family ownership and capital structure. This paper first reviews the theoretical background between family ownership and capital structure and then conducts an empirical test based on the empirical test of Anderson et al. Finally, conclude that generally, the magnitude of proportion that family takes in the company positively support the effectiveness of family ownership because of the decrease in coast of debt. However, the precisely magnitude of family ownership proportion and the underlying concept about the effectiveness of family ownership need to be discussed.

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