Relationship Between Capital Structure And Profitability : A Time-Series Cross-Sectional Study On Malaysian Firms

Ever since the M&M Propositions were made in 1958, the issue of capital structure has gained much interest and controversy. The propositions which contended that the value of a firm is independent of its capital structure, have been put to test and researched into time and again. Most of the studies, however, were done in the U.S., hence doubts arise on whether the conclusions would apply in the Malaysian context. Based on this motivation, this study attempted to solve the dearth of research on capital structure, particularly its effect on profitability, of local firms. A total of 267 firms listed on the Kuala Lumpur Stock Exchange Main Board were put under study for a period of ten years (1985 - 1994). Two major sets of variables were used to indicate capital structure i.e. Debt/Equity Ratio, Debt Ratio, Financial Leverage Ratio, Funded Capital Ratio, Funded Debt Ratio, Current Debt Ratio, Funded Assets Ratio, and, profitability i.e. Return On Equity, Earnings Per Share, Return On Investment, Profit Before Tax, Net Income. The variables were analyzed using the time-series cross-sectional methodology. In order to generate empirical evidence, the Pearson Product-Moment Correlation, mean and bar chart analysis were employed. The results implied that profitability is significantly related to capital structure. Specifically, profitability was inversely related to the amount of liability in a company’s capital structure. Therefore, the more debt a firm incur, the worse its earnings is hurt. This study also found evidence of the existence an optimal capital structure among listed companies. Firms of different sectors were found to adjust their capital structure regularly in order to achieve an optimal combination of debt and equity

The Effects Of Visual Signalling Principle In A Desktop Virtual Reality Based Learning Environment On Students’ Performance, Cognitive Load And Perceived Motivation

The purpose of this study was to investigate the effect of learning science laboratory safety using visual signalling principle in a virtual reality environment on students’ performance, cognitive load and perceived motivation among students with different spatial ability. A 22 quasi experimental factorial design was adopted in this research. The independent variables used in the learning of science laboratory safety were the two modes of courseware which is virtual reality with signalling (VRS) and virtual reality with non-signalling (VRNS). The moderator variable was the spatial ability

In-vitro gastrointestinal digestion of kenaf seed oil-in-water nanoemulsions

The high nutrition value of kenaf seed oil has good potential to be used as functional foods or nutraceutical products. Kenaf seed oil-in-water nanoemulsions stabilised by ternary emulsifier mixtures, namely sodium caseinate, gum Arabic and Tween 20 were produced by using high pressure homogeniser. A two-stage in-vitro model was employed to investigate the bioaccessibility of bioactive compounds that is naturally present in the kenaf seed oil-in-water nanoemulsions. The changes in the antioxidants properties before and after in-vitro digestion and the structural changes during digestion were also evaluated. By comparing the digested and undigested nanoemulsions, the digested nanoemulsions had increased the total phenolic content by 71% and tocopherol content by 230%. However, 2,2-diphenyl-1-picrylhydrazyl (DPPH ) radical scavenging activity was decreased by 34% and phytosterols content was decreased by 39%. The amount of free fatty acids (FFA) released from gastric digested nanoemulsions during 120 min of intestinal digestion was 247.7 μmol/mL. This high release of FFA indicates good lipid digestion, which is the preliminary step for releasing and absorption of lipophilic bioactive in the small intestine. This study provides useful insights into the changes of kenaf seed oil-in-water nanoemulsions during gastrointestinal digestion

In vitro evaluation of the structural and bioaccessibility of kenaf seed oil nanoemulsions stabilised by binary emulsifiers and β-cyclodextrin complexes

Kenaf (Hibiscus cannabinus L.) seed oil contains high nutrition value, suggesting its potential applications in food and nutraceutical fields. However, the poor water solubility and stability strictly limit its applications. A good physical stability of kenaf seed oil-in-water nanoemulsions stabilised by sodium caseinate, Tween 20 and β-cyclodextrin complexes were produced using high pressure homogeniser. A simple model of two-stage dynamic in vitro digestion was employed to investigate the releasing rate of bioactive compounds from kenaf seed oil-in-water nanoemulsions, compared to unencapsulated bulk oil. The particles size and structural changes during digestion were also evaluated. Digested nanoemulsions showed good lipid digestion (85.25%), good bioaccessibility of antioxidants (tocopherols and total phenolic contents) and lower degradation rate of phytosterols compared to digested bulk oil. This study provides good information about the characteristic and release behaviour of formulated kenaf seed oil-in-water nanoemulsions, which is important for the future application in food and nutraceutical industries