Principal-principal conflicts: Is it a big problem in ASEAN 4 markets?

This paper examines the issue of principal-principal (PP) conflicts in large public listed companies in four ASEAN countries. The PP conflicts are regarded as a major problem in emerging markets and have attracted considerable attention. The percentage of cash dividend of total assets is used to measure the expropriation depicted in PP conflicts. A sample of companies with total assets of US$1 billion are filtered to select those with single/multiple block holders of shareholdings concentration equal to or greater than five percent. A regression model is estimated with PP conflicts as the dependent variable. The findings confirm the existence of PP conflicts, suggesting that large shareholders do expropriate company wealth by paying higher cash dividends. This expropriation occurs through agency perspective and makes it apparent that PP conflicts are a major problem in ASEAN markets

Principal-principal conflicts in Asean 5 mergers and acquisitions

The thesis investigates principal-principal (PP) conflicts arising in mergers and acquisitions (M&A) in Asean 5 countries; Indonesia, Malaysia, the Philippines, Thailand and Singapore. This thesis is the first study adapting the well-established Lintner dividend model (Lintner, 1956) to examine the potential use of the model as measurement of PP conflicts in Southeast Asian market study where availability of continuous long-term data are usually lacking. The issue is of importance to investors and for the growth of equity markets in Asean countries in Southeast Asia and probably well beyond. According to prior research, large controlling shareholders in Asian public listed companies do cause agency conflicts (Becht, Franks, Mayer, & Rossi, 2010; Burkart & Lee, 2008; Claessens, Djankov, Fan, & Lang, 2002). However, the net effect cannot be estimated with any degree of accuracy without understanding and being able to distinguish the single effect of an investment project. The relationship between large shareholders and agency conflicts is difficult to test empirically since no public information is provided at the individual investment project level, which differs from cases of corporate mergers and acquisitions (M&A) (Amihud, Lev, & Travlos, 1990). This thesis is novel in that it reduces this gap by extending a recently developed framework of PP conflicts by investigating the impact of large controlling shareholders in M&A in Asean 5 countries; Indonesia, Malaysia, Philippines, Singapore and Thailand. Four main components make up for the contributions that can be drawn from this thesis. First, the issue of PP conflicts, argued by Young, Peng, Ahlstrom, Bruton and Jiang (2008) as a major and especially prevalent concern in emerging markets. Broadly, PP conflicts refer to conflicts between controlling shareholders and minority shareholders in a corporation (Dharwadkar, George, & Brandes, 2000) and include an element of expropriation of profit. The second component is where M&A provides situations in which PP conflicts may be worsen. It is noted that M&A activities in Asean 5 are highly significant. Thirdly, this research is the first direct study of PP agency conflicts, ownership and financial variables for Asean 5 public listed companies. Finally, the fourth component is that the study includes elements of time-invariant (including rarely changing variables) and time-variant variables in the panel data model analysis which provide additional confirmation of the veracity of the modelling and robustness of analysis. Compared to prior studies undertaken elsewhere, the sophistication and robustness of the micro-econometric analysis used in the research is a significant enhancement. Data needed to test various hypotheses are sourced from the SDC M&A Database, SDC Ownership database and Thomson One Banker Database. Further data have been collected from companies listed in the individual stock exchange markets of the five countries. The task was not straightforward and while appropriate to recognise efforts by various databases to collect and compile helpful sources, there remains much more work to be done in terms of manual collection of data from published annual reports. This exercise leads to the final sample which comprises of 1,013 deals (807 acquiring companies) from years 2000 to 2008 in various industries. Statistical and data issues, such as controlling for endogeneity effects, and treatment of time-invariant and time-variant data in the models, are systematically addressed. The diagnostic testing opens up the potential for the analysis to utilise Hausman-Taylor (HT) and fixed-effects vector decomposition (FEVD) techniques. The current research extends the econometric robustness of analysis using Tobit regression. PP conflicts associated with M&A are found to be rampant. Furthermore, PA conflicts are also significant in this region. These suggest consequences in terms of limited willingness by investors to participate in share investment as part of individuals’ portfolios strategy. Similarly, challenges by regulators in each capital market to promote the secondary market are addressed in this thesis by advocating the use of dividend ratio policies as an indicator for PP conflicts

Catheter related blood stream infection (CRBSI) in esrd subjects undergoing haemodialysis via temporary central venous catheter at HUSM: a retrospective cohort review of 2 year data

Introduction: Since its introduction in 1964, haemodialysis has become one of the main modalities for the treatment of end-stage renal disease (ESRD). Central venous catheter (CVC) has become an important means in providing vascular access for haemodialysis treatment. Due to its nature as an indwelling catheter, there is an increased risk of developing catheter-related bloodstream infections (CRBSI). Hence, identifications of relevant risk factors for CRBSI development has become the paramount objective of this research endeavour. Methodology: This is a retrospective cohort study involving a review of the medical records of 116 ESRD Hospital USM (HUSM) on haemodialysis via CVC from 1st January 2013 until 31st October 2014. Relevant details on the identified CRBSI risk factors such as age, gender, comorbidities, length of hospital stay prior to CVC insertion, duration of catheterization, HbA1c level, catheter insertion sites, haemoglobin level, WBC, serum albumin and urea levels, and aetiologies of End Stage Renal Disease (ESRD) were collected. The data was analysed using multiple logistic regression and the probability equation for predicting the development of CRBSI was computed. Level of significance was fixed at 0.05. Results: The prevalence of CRBSI is 19% (95% CI 11.9,26.1) with CRBSI rate of 3.5 bacteraemia per 1000 catheter days. S. aureus (including MRSA) are the main microorganisms isolated among CRBSI cases (45.4%), followed by P.aeruginosa (22.7%) and others. Most of microbial isolates are susceptible to at least one type of antibiotics. Three significant risk factors for CRBSI were identified from multiple logistic regression analysis; duration of hospital admission before catheterization (adjusted OR:1.118 (95% CI: 1.030, 92.805), p value = 0.004), duration of catheterization in days (adjusted OR: 0.965 (95% CI 0.939, 0.992), p value = 0.005) and HbA1c levels ( i) HbA1c 6.6-8.0% (adjusted OR: 1.143 (95% CI: 0.249,5.247), p value = 0.849) and ii) HbA1c ≥8.0% (adjusted OR: 5.613 (95% CI 1.023, 30.792), p value = 0.047). Conclusion: The prevalence and CRBSI rate are comparable with other studies. Gram-positive cocci are still the predominant species isolated from HD subjects with CVC. Length of hospital stay prior to catheter insertion, duration of catheterization and HbA1c level were significant risk factors identified for CRBSI

Cadangan membuka cawangan baru The Baker’s Cottage, Bakery and Cafe di Lot 5,6,7 & 8 Waterfront Bistro, Esplanade Wing Lumut Waterfront, Lumut, Perak / Azilawati Wanti

Cadangan rekabentuk barn untuk The Baker’s Cottage, bakery dan kafe di Lot 5, 6, 7 & 8 Waterfront Bistro, Esplanade Wing Lumut Waterfront, Lumut, Perak. Skop kajian utama bagi projek ini adalah merekabentuk ruang dalaman The Baker’s Cottage, bakery and cafe. Antara isu dan masalah projek ini adalah merancang rekabentuk yang lebih baik berdasarkan kepada kegagalan penyusunan ruang dalam The Baker’s Cottage yang sedia ada. Metodologi kajian yang digunakan sepanjang projek ini adalah berdasarkan kepada kehendak klien, keperluan kafe, maklumat yang berkaitan, isu dan pemasalahan yang timbul. Maklumat tentang tapak cadangan juga diambil sebagai panduan sebelum merekabentuk dan diperoleh melalui lawatan tapak yang dibuat, temubual dan pelan tapak. Konsep yang diperkenalkan adalah ‘Aroma, Reflect Tradition’ dan imej yang dicadangkan adalah ‘Modem Element Of Cottage’ yang diharap dapat menarik minat orang ramai, ditambah pula tapak cadangan terletak di kawasan tumpuan pengunjung dari dalam dan luar negara

The relevance of bird-in-hand theory to Shariah-inclined investors: a case study of Malaysia / Fareiny Morni , Azreil Mirzza Iskandar and Azilawati Banchit

The purpose of this study is to identify whether the wealth of Shariah-inclined investors is affected by dividend policy. This study is different from other studies because earlier studies do not differentiate between Shariah-compliant and non-Shariah compliant stocks, creating a gap for dividend signaling theory and bird-in-hand theory on Shariah-compliant financial products. This study employs panel data analysis and multiple linear regression with the most recent data representing eight (8) out of twelve (12) sectors in the Malaysian stock market. Dividend per share and retained earnings per share are used as a proxy for dividend policy while market price per share is used as a proxy for shareholders’ wealth. It was found that for Shariah-compliant stocks, both dividend per share and retained earnings per share are insignificant in affecting shareholders’ wealth. Unlike other studies on dividend policy which do not discriminate between Shariah-compliant and non-Shariah compliant stocks, this study finds that dividend policy to be irrelevant to Shariah-inclined investors

Perwakilan pengetahuan menggunakan memory organization packets bagi sistem perancangan menu kesihatan / Nurkhairizan Khairudin and Azilawati Azizan

Perancangan menu yang sihat merupakan suatu tugasan yang penting bagi individu yang mempunyai masalah kesihatan terutamanya kepada pesakit diabetis disebabkan mereka perlu membuat perancangan menu dengan mempertimbangkan kekangan-kekangan seperti keperluan kalori yang konsisten dan juga makanan-makanan yang perlu dielakkan. Walaupun secara dasarnya pesakit-pesakit ini terdedah dengan pelbagai informasi tentang diet sihat, namun keupayaan untuk menghasilkan kombinasi makanan supaya berada dalam komposisi yang seimbang jarang boleh dilakukan oleh mereka yang tiada pengetahuan khusus tentang diet. Pada sesetengah kes, mereka sangat-sangat memerlukan nasihat dan panduan daripada pakar untuk mengikut diet yang telah dirancang berdasarkan kekangan-kekangan seperti keadaan kesihatan dan makanan kebiasaan harian. Merancang menu yang bersesuaian untuk individu yang mempunyai masalah kesihatan adalah tugas yang sukar kerana selesaian yang dihasikan oleh pakar pemakanan atau dietitian kebiasaannya adalah sangat subjektif dan sukar untuk diwakilkan dalam bentuk yang sistematik. Penyelidikan ini memberi fokus untuk merekabentuk satu model perwakilan pengetahuan yang akan digunakan untuk membangunkan pangkalan pengetahuan yang mengandungi kes-kes yang terdahulu. Pangkalan pengetahuan ini akan digunakan bagi tujuan proses capaian. Matlamat utama penyelidikan ini adalah untuk merekabentuk satu model rangkakerja untuk perwakilan pengetahuan dalam domain diet berdasarkan set petua, pengetahuan dan pengalaman yang dilalui oleh pakar. Memory Organization Packet atau MOP adalah pendekatan yang dicadangkan untuk digunakan bersama-sama dengan Sukatan Kesamaan (Similarity Measure) untuk tujuan proses pemadanan kes-kes baru dengan kes-kes lama. Penyelidikan ini juga akan menggunakan data sebenar yang dikumpulkan daripada Hospital Universiti Kebangsaan Malaysia(HUKM) dan keberkesanannya akan diuji menggunakan teknik-teknik pengujian yang telah ditetapkan

Estimation of uncertainty from method validation data: application to a reverse-phase high-performance liquid chromatography method for the determination of amino acids in gelatin using 6-aminoquinolyl-N-hydroxysuccinimidyl carbamate reagent

A detailed procedure for estimating uncertainty according to the Laboratory of Government Chemists/Valid Analytical Measurement (LGC/VAM) protocol for determination of 18 amino acids in gelatin is proposed. The expanded uncertainty was estimated using mainly the method validation data (precision and trueness). Other sources of uncertainties were contributed by components in standard preparation measurements. The method scope covered a single matrix (gelatin) under a wide range of analyte concentrations. The uncertainty of method precision, μ(P) was 0.0237–0.1128 pmol μl−1 in which hydroxyproline and histidine represented the lowest and highest values of uncertainties, respectively. Proline and phenylalanine represented the lowest and highest uncertainties value for method recovery, μ(R) that was estimated within 0.0064–0.0995 pmol μl−1. The uncertainties from other sources, μ(Std) were 0.0325, 0.0428 and 0.0413 pmol μl−1 that were contributed by hydroxyproline, other amino acids and cystine, respectively. Hydroxyproline and phenylalanine represented the lowest and highest values of expanded uncertainty, U(y) that were determined at 0.0949 and 0.2473 pmol μl−1, respectively. The data were accurately defined and fulfill the technical requirements of ISO 17025:2005

Exploring Business Students’ Perceptions on Social Network Sites (SNSs) and its Influence on Learning

Social Network Sites (SNSs) is becoming one of the global phenomena with millions of users around the world. One of the issues that arise due to the growth of SNSs is the effect towards students’ learning. The aim of this study is to explore business students’ perceptions on SNSs and its effects on their learning experience. 327 survey questionnaires were distributed to business students in one of the public university in Malaysia via a random sampling approach. The results demonstrated that students use SNSs to get help from their course mates as well as their tutors on academic matters. In addition, students also found it more convenient to discuss course matters with their colleagues.  Majority of the students agreed that SNSs should be used for teaching and learning. Bearing the positive feedbacks from the students, the university management could exploit the advantage by incorporating SNSs as part of the business students’ learning process. Keywords: Social Network Sites, Learning experience, Business student

The Relevance of Bird-in-Hand Theory to ShariahInclined Investors: A Case Study of Malaysia

The purpose of this study is to identify whether the wealth of Shariah-inclined investors is affected by dividend policy. This study is different from other studies because earlier studies do not differentiate between Shariah-compliant and non-Shariah compliant stocks, creating a gap for dividend signaling theory and bird-in-hand theory on Shariah-compliant financial products. This study employs panel data analysis and multiple linear regression with the most recent data representing eight (8) out of twelve (12) sectors in the Malaysian stock market. Dividend per share and retained earnings per share are used as a proxy for dividend policy while market price per share is used as a proxy for shareholders’ wealth. It was found that for Shariah-compliant stocks, both dividend per share and retained earnings per share are insignificant in affecting shareholders’ wealth. Unlike other studies on dividend policy which do not discriminate between Shariah-compliant and non-Shariah compliant stocks, this study finds that dividend policy to be irrelevant to Shariah-inclined investors

An application of Malay short-form word conversion using Levenshtein distance / Azilawati Azizan ... [et al.]

Formerly, short-form word was widely used in the field of journalism. However, nowadays, short-form word has been widely used by many people, especially in online communication. These short-form words trigger problems in the field of data mining, especially those involving online text processing. It leads to inaccurate result of text mining activities. On the other hand, only few works have investigated on Malay short-form word identification and conversion. Therefore, this work aims to develop an application that can identify and convert Malay short-form words into its’ full word. In order to develop this application, the short-form rules need to be carefully examined. The formal rules from Dewan Bahasa & Pustaka (DBP) are used as the primary reference for generating the short form word identification algorithm. While for the conversion algorithm, Levenshtein Distance (LD) is used to measure the similarity. The rule-based technique is also used as a complement to LD technique. As a result, 70.27% of the Malay short-form words have been correctly converted into their full words. The conversion rate is quite promising, and this work can be further strengthened by incorporating more rules into the algorithm