Institutions and foreign direct investment (FDI) in Malaysia: empirical evidence using ARDL model

Since 1990’s, institution factors have been regarded as playing important roles in stimulating foreign direct investments (FDI). However, empirical studies on their importance in affecting FDI are still lacking especially for small open economies. This paper attempts to investigate the role of institutions upon the inflow of foreign direct investment (FDI) in a small open economy of Malaysia. Using bounds testing approach (ARDL model), the empirical findings reveal that there exists a long run relationship among FDI and the institution variables. Specifically, several institution variables namely government stability, bureaucracy, and corruption are found to play prominent roles in influencing the inflow of FDI. Thus, in attracting foreign investors, implementing FDI-friendly policies by providing and maintaining the quality of domestic institutions would be beneficial to Malaysian economic growth.Institutions; Foreign Direct Investment (FDI); ARDL

Monetary policy shocks, financial constraints and firm-level equity return: panel evidence

The present paper investigates the effect of monetary policy shocks upon the equity returns of financially constrained and less-constrained firms in Malaysia for the 1990-2008 period using firm-level data. Monetary policy shocks are generated via a recursive structural VAR (SVAR) identification scheme that allows the monetary authority to set the overnight interbank rate after observing the current value of world oil price, foreign income, foreign monetary policy, domestic output and inflation. The Malaysian firms examined are divided into two categories based upon the cash flow to income ratio, namely financially constrained and financially less-constrained. After augmenting the Fama and French (1992, 1996) multifactor model using a dynamic panel data approach, the results reveal that equity returns of financially constrained firms are more affected by domestic monetary policy than the returns of less constrained firms. Meanwhile, international monetary policy shocks significantly influence the equity returns of financially less-constrained firms, but not those of financially constrained firms

Monetary Policy, Firm Size And Equity Returns In An Emerging Market: Panel Evidence Of Malaysia

The present study provides new empirical evidence on the effects of monetary policy shocks (domestic and international monetary policy) on equity returns in an emerging economy (i.e., Malaysia) for 1990–2008 using firm-level data. Using an augmented Fama-French (1992, 1996) multifactor model, empirical results based on system GMM estimations and a sample of 449 firms shows that firms' stock returns responded negatively to monetary policy shocks. Moreover, the effect of domestic monetary policy shocks also have differential effects, with a statistically significant impact on small firms' equity returns but not on large firms' stock returns. The effect of international monetary policy upon equity returns is also heterogeneous by firm size; significant effects were observed for the equity returns of large firms but not for a case of small firms

Market sentiments and firm-level equity returns: panel evidence of Malaysia

This study focuses on the impact of market sentiment on firmlevel equity returns in Malaysia by hypothesising that market sentiment is a relevant risk factor. Understanding how the market sentiment reflects the equity return is crucial to market participants managing their portfolio investment risks. In modelling for firm-level equity return determinants using augmented Fama and French (1992, 1996) three-factor model, this study used data from a sample of 608 publicly listed firms for 2010–2019 and the dynamic panel GMM estimation technique. The findings revealed that market sentiment indices, namely Business Conditions Index (BCI) and Consumer Sentiments Index (CSI), strongly and positively influenced firms equity returns. Excellent market sentiment encouraged a bullish strategy, increasing share prices and, consequently, stock returns. In addition to market sentiment, other related variables, namely domestic market returns, international market returns, small minus big (SMB), high minus low (HML), and firms’ liquidity ratio, are also found to be statistically significant in influencing firms equity returns. The policy implication provides a vital strategy to market participants, particularly fund managers and investors, to accordingly manage their risks and returns on their portfolio investment

Patterns of negotiation of meaning routine in online forum discussion

This study examines a text-based, asynchronous online forum discussion among English language teacher trainers who were involved in a two-week online professional development course. It investigates the participants’ negotiation of meaning routine when they come across new content related item and describes the pattern of this negotiation of meaning routine. A textual analysis method, employing Smith’s (2003) expansion of Varonis and Gass Model (1985) for negotiation of meaning, was utilised to analyse the discussion threads. The analysis revealed that the participants did engage in negotiation of meaning and all the four negotiation of meaning steps (trigger, indicator, response and reply to response) were evident. It was also revealed that content triggers, local indicator, elaboration in responses and task appropriate response were frequently used. As the application of CMD for teaching and learning is increasing, findings of this study could inform educators about the kind of strategies that could enrich online interaction

Woman Question and Questioning Personal Autonomy in The Changeling

The Changeling , collaborated on by Thomas Middleton and William Rowley , incorporates two plots in which the central roles are played by women who have their origin in two totally different social structures. This essay makes an attempt to put the status of woman in question as to how a woman’s personal autonomy goes through twists and turns  in the social construct mirrored in the play, how a woman can lead life according to her own will. How Beatrice’s selfhood fluctuates and gets affected – are also under discussion of this essay. The essay shall further argue that Beatrice’s quest for private desire / authenticity produces a paradoxical meaning between the intended effect of the action and actual result

Dr. Faustus: theist or atheist?

Dr. Faustus is the greatest but the most controversial of Marlowe’s plays. Among the causes of controversy, whether Dr. Faustus is an atheist or theist deserves utmost attention. This paper is intended to deal with the issue. Though at various stages of the development of the action, Dr. Faustus abjures Trinity, resorts to necromancy, becomes guilty of demoniality, for which he is called an atheist, the intensity of his later wish for having redemption and the destruction of his self makes him emerge as a theist. Without these qualities, Dr. Faustus is said to the embodiment of the character of Christopher Marlowe himself, who was an atheist or a member of an atheist group. Therefore, it is also an object of discussion to correlate Dr. Faustus with Marlowe.

Prácticas universitarias estratégicas en el desarrollo de la alfabetización informacional del alumno

This study aimed to examine the role of university practice in student information literacy development. The study employed qualitative research design and involved 31 lecturers, librarians and students in a public research university. Data was collected using semi-structured interviews and analyzed using qualitative data analysis approach. The study found that student information literacy development is a discursive practice of information searching, organizing, analyzing, and synthesizing embedded in learning orientation that focuses on building, validating and disseminating knowledge and its mediating artefacts. The practice is influenced by multiple practices of communities within the institutions, namely the lecturers, librarians, students, and management. The study implicated student information literacy development could be supported by strategic partnerships between lecturers and librarians at the department level with lecturers holding an extra responsibility to stage the practice in the context of knowledge discipline so that students would develop, validate and disseminate knowledge and its mediating artefacts.Este estudio tuvo como objetivo examinar el papel de la práctica universitaria en el desarrollo de la alfabetización informacional de los estudiantes. El estudio empleó un diseño de investigación cualitativa e involucró a 31 profesores, bibliotecarios y estudiantes en una universidad pública de investigación. Los datos se recopilaron mediante entrevistas semiestructuradas y se analizaron mediante el enfoque de análisis de datos cualitativos. El estudio encontró que el desarrollo de la alfabetización informacional de los estudiantes es una práctica discursiva de búsqueda, organización, análisis y síntesis de información incrustada en la orientación del aprendizaje que se enfoca en construir, validar y diseminar conocimiento y sus artefactos mediadores. La práctica está influenciada por múltiples prácticas de comunidades dentro de las instituciones, a saber, los profesores, bibliotecarios, estudiantes y directivos. El estudio implicaba que el desarrollo de la alfabetización informacional de los estudiantes podría estar respaldado por alianzas estratégicas entre profesores y bibliotecarios a nivel de departamento con los profesores que tienen la responsabilidad adicional de organizar la práctica en el contexto de la disciplina del conocimiento para que los estudiantes desarrollen, validen y difundan el conocimiento y sus artefactos mediadores

Furan development in Dean vortex UVC treated pummelo (Citrus grandis L. Osbeck) fruit juice

Furan has been classified as a possible carcinogen and substantiated evidences have also shown that conventional thermal treatment could stimulate furan development in food products. Ultraviolet light (UVC) is currently known as an alternative method widely used in pasteurizing juice. However, the effect of UVC in inducing furan development has not been studied specifically on UVC-treated pummelo juice. Thus, the aim of this study was to investigate the development of furan in UVC-treated pummelo juice and its relationships to the juice sugar contents. Our results showed that furan development within the juice post-UVC treatment was dose-dependent and inversely proportional to the amount of sugar and ascorbic acid (p <0.05)

The Bank Lending Channel of Monetary Policy? The Panel Evidence from Egypt

This paper examines the relevance of the bank lending channel of monetary policy in Egypt using bank-level data. Previous empirical studies in Egypt that used macro-level data have not supported the relevance of the bank lending channel. However, using a sample of 32 commercial banks for the period from 1998 until 2011 and a dynamic panel GMM technique, the empirical findings revealed the relevance of the bank lending channel of monetary policy in Egypt. Moreover, there is a heterogeneity effect of monetary policy on bank loans according to bank size, in which the small banks are more affected during a monetary contraction than larger banks. This finding signals that the monetary authorities in Egypt should take cognizance of the stability of interest rates in order to stabilize the bank loan supply.