99 research outputs found
Corporate Debt Policy of Malaysian SMEs: Empirical Evidence from Firm Dynamic Panel Data
Financing has been identified as a dominant constraint to Malaysian small and medium-sized enterprises (SMEs). Yet, limited attention has been given to the challenges faced by the SMEs in financing their operations. This paper investigates the determinants of capital structure and use of financing for Malaysian SMEs in manufacturing sector and examines hypotheses by utilising a static trade-off choice or pecking order framework by employing a series of firm characteristics including: size, age, asset structure, profitability, growth, taxation and risk. The system Generalised Method of Moment (GMM) approach has been used for the estimation. The findings suggest that most of the determinants of capital structure presented by the theory of finance appear to be relevant for the Malaysian SMEs. Firm size and asset structure have a significantly positive effect on the leverage ratio in SMEs, while age and taxation have a negative effect. Though, growth has an impact on the total debt of the firms, profitability and risk does not have any significant effect on the decision of debt decision making in Malaysian SMEs. Furthermore, the findings of the study show that Malaysian SMEs in the manufacturing sector generally operate based on a combination of the pecking order and the trade-off theory while borrowing in the long-term and short-term
Corporate debt policy of Malaysian SMEs: empirical evidence from firm dynamic panel data
Financing has been identified as a dominant constraint to Malaysian small and medium-sized enterprises (SMEs). Yet, limited attention has been given to the challenges faced by the SMEs in financing their operations. This paper investigates the determinants of capital structure and use of financing for Malaysian SMEs in manufacturing sector and examines hypotheses by utilising a static trade-off choice or pecking order framework by employing a series of firm characteristics including: size, age, asset structure, profitability, growth, taxation and risk. The system Generalised Method of Moment (GMM) approach has been used for the estimation. The findings suggest that most of the determinants of capital structure presented by the theory of finance appear to be relevant for the Malaysian SMEs. Firm size and asset structure have a significantly positive effect on the leverage ratio in SMEs, while age and taxation have a negative effect. Though, growth has an impact on the total debt of the firms, profitability and risk does not have any significant effect on the decision of debt decision making in Malaysian SMEs. Furthermore, the findings of the study show that Malaysian SMEs in the manufacturing sector generally operate based on a combination of the pecking order and the trade-off theory while borrowing in the long-term and short-term
The causality direction of the corporate social responsibility –corporate financial performance nexus: application of Panel Vector Autoregression approach
This study is an attempt to model the bidirectional linkages between corporate social responsibility (CSR) and corporate financial performance (CFP) by using the prospective and retrospective approaches. A panel data set for 100 of the Fortune Most Admired Companies was used to study the relationships. Moreover, 1000 firm-year observations were examined between the sample periods of 2007 and 2016. A new methodology known as Panel Vector Autoregression (Panel VAR) approach using the Generalised Method of Moments (GMM) was used in this study. The salient findings are: (1) better financial performance of firms lead to a better CSR engagement and (2) better CSR need not necessarily lead to superior CFP. A strong and substantial negative impact has been observed on CSR and the three CFP measures, namely, return on equity, return on assets, and return on invested capital. This finding has consistency with the trade-off hypothesis. This hypothesis posits that when firms are ‘‘being socially responsible’’, they will have a tendency to experience minimised shareholder wealth and lower profits, which restricts the socially responsible investments
Impact of positive and negative corporate social responsibility on automotive firms' financial performance: A market-based asset perspective
Prevailing studies on the economic implication of corporate social responsibility (CSR) for businesses has mainly stressed on the positive facet of corporate social responsibility (PCSR), failing to comprehend that firms also espouse behaviors and initiatives which can be characterized as negative corporate social responsibility
(NCSR). Additionally, limited researches have considered how both PCSR and NCSR influence corporate financial performance (CFP). In consideration of this view, we present a framework that connects both PCSR as well as NCSR to CFP. We also analyzed the moderating role of the firm's market-based asset. Using 924 observations from 2011 to 2017 and a combined secondary data of 132 global automotive firms from CSRHub and Thomson Reuters Datastream, we examined how increases in either PCSR or NCSR relate to CFP via dynamic panel data system Generalise Moment of Method estimates. Our results demonstrate that PCSR improves CFP while and NCSR is detrimental to a firm's financial performance. Correspondingly, the results indicate that market-based asset moderates the relationship between PCSR and NCSR. Firms that possess higher market-based assets tend to enjoy higher profitability with PCSR as they are in a better position. However, it has been observed that market-based assets tend to weaken the relationship between CFP and NCSR
Does firm size matter? evidence on the impact of the green innovation strategy on corporate financial performance in the automotive sector
In the past few years, there has been increasing awareness regarding the significance of the Green Innovation Strategy (GIS) in the academic and practical fields. Hence, it becomes important to determine the correlation between the GIS and the Corporate Financial Performance (CFP). This study attempted to determine the dynamic correlation between the GIS and the CFP, with regards to the firm size. For this purpose, this study has collected data for 163 international automotive firms, from the CSRHub database, for the period ranging between 2011 and 2017. Furthermore, we also used the dynamic panel data system, i.e., the Generalised Method of Moment (GMM) method, for estimating this relationship. The empirical results indicated that the GIS positively affected the CFP. Interestingly, we also uncovered that the firm size moderated the negative correlation between the GIS and the CFP. The small-sized firms showed higher green innovation investments return than the larger-sized firms, which indicated that these smaller firms were more prone to seek variation and visibility, for accessing better resources. Furthermore, due to the extensive scrutiny of the stakeholders, these small firms could generate higher profits. The implications for managers and the theories in this regard are then discussed
Production of Homozygous Transgenic Rainbow Trout with Enhanced Disease Resistance
Previous studies conducted in our laboratory showed that transgenic medaka expressing cecropin B transgenes exhibited resistant characteristic to fish bacterial pathogens, Pseudomonas fluorescens and Vibrio anguillarum. To confirm whether antimicrobial peptide gene will also exhibit anti-bacterial and anti-viral characteristics in aquaculture important fish species, we produced transgenic rainbow trout expressing cecropin P1 or a synthetic cecropin B analog, CF-17, transgene by sperm-mediated gene transfer method. About 30 % of fish recovered from electroporation were shown to carry the transgene as determined by polymerase chain reaction (PCR) amplification assay. Positive P(1) transgenic fish were crossed to non-transgenic fish to establish F(1) transgenic founder families, and subsequently generating F(2), and F(3) progeny. Expression of cecropin P1 and CF-17 transgenes was detected in transgenic fish by reverse transcription (RT)-PCR analysis. The distribution of body sizes among F(1) transgenic fish were not significantly different from those of non-transgenic fish. Results of challenge studies revealed that many families of F(2) and F(3) transgenic fish exhibited resistance to infection by Aeromonas salmonicida and infectious hematopoietic necrosis virus (IHNV). All-male homozygous cecropin P1 transgenic families were produced by androgenesis from sperm of F(3) heterozygous transgenic fish in one generation. The resistant characteristic to A. salmonicida was confirmed in progeny derived from the outcross of all-male fish to non-transgenic females. Results of our current studies confirmed the possibility of producing disease-resistant homozygous rainbow trout strains by transgenesis of cecropin P1 or CF-17 gene and followed by androgenesis
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Analysis of salmonid leukocytes purified by hypotonic lysis of erythrocytes
A technique that uses hypotonic lysis of erythrocytes was optimized for the purification of leukocytes from the peripheral blood and anterior kidney (pronephros) of rainbow trout Oncorhynchus mykiss. Comparisons of initial blood dilution (1:2, 1:4, and 1:6) and the time of exposure to hypotonic conditions (10, 20, and 40 s) revealed that a dilution of 1:2 provided the most complete hemolysis after 20 or 40 s in a hypotonic solution. For pronephros, a 1:5 (w:v) dilution and lysis in hypotonic solution for 10–40 s was effective in eliminating erythrocytes. Total leukocyte yield from the blood and pronephros by use of the hypotonic lysis method was comparable with that obtained by use of typical density gradient centrifugation, and cell viability was 97% or greater. Differential cell counts showed that hypotonic lysis resulted in a distribution of leukocyte cell types similar to that of density gradient separation. Hypotonic lysis of erythrocytes is a simple, rapid, and inexpensive method of purifying leukocytes from salmonid fish blood and pronephros
Managing for ocean biodiversity to sustain marine ecosystem services
Managing a complex ecosystem to balance delivery of all of its services is at the heart of ecosystem-based management. But how can this balance be accomplished amidst the conflicting demands of stakeholders, managers, and policy makers? In marine ecosystems, several common ecological mechanisms link biodiversity to ecosystem functioning and to a complex of essential services. As a result, the effects of preserving diversity can be broadly beneficial to a wide spectrum of important ecosystem processes and services, including fisheries, water quality, recreation, and shoreline protection. A management system that conserves diversity will help to accrue more “ecoservice capital” for human use and will maintain a hedge against unanticipated ecosystem changes from natural or anthropogenic causes. Although maintenance of biodiversity cannot be the only goal for ecosystem-based management, it could provide a common currency for evaluating the impacts of different human activities on ecosystem functioning and can act as a critical indicator of ecosystem status
An Overview of Marine Biodiversity in United States Waters
Marine biodiversity of the United States (U.S.) is extensively documented, but data assembled by the United States National Committee for the Census of Marine Life demonstrate that even the most complete taxonomic inventories are based on records scattered in space and time. The best-known taxa are those of commercial importance. Body size is directly correlated with knowledge of a species, and knowledge also diminishes with distance from shore and depth. Measures of biodiversity other than species diversity, such as ecosystem and genetic diversity, are poorly documented. Threats to marine biodiversity in the U.S. are the same as those for most of the world: overexploitation of living resources; reduced water quality; coastal development; shipping; invasive species; rising temperature and concentrations of carbon dioxide in the surface ocean, and other changes that may be consequences of global change, including shifting currents; increased number and size of hypoxic or anoxic areas; and increased number and duration of harmful algal blooms. More information must be obtained through field and laboratory research and monitoring that involve innovative sampling techniques (such as genetics and acoustics), but data that already exist must be made accessible. And all data must have a temporal component so trends can be identified. As data are compiled, techniques must be developed to make certain that scales are compatible, to combine and reconcile data collected for various purposes with disparate gear, and to automate taxonomic changes. Information on biotic and abiotic elements of the environment must be interactively linked. Impediments to assembling existing data and collecting new data on marine biodiversity include logistical problems as well as shortages in finances and taxonomic expertise
Capturing and monitoring global differences in untreated and treated end-stage kidney disease, kidney replacement therapy modality, and outcomes
A large gap between the number of people with end-stage kidney disease (ESKD) who received kidney replacement therapy (KRT) and those who needed it has been recently identified, and it is estimated that approximately one-half to three-quarters of all people with ESKD in the world may have died prematurely because they could not receive KRT. This estimate is aligned with a previous report that estimated that >3 million people in the world died each year because they could not access KRT. This review discusses the reasons for the differences in treated and untreated ESKD and KRT modalities and outcomes and presents strategies to close the global KRT gap by establishing robust health information systems to guide resource allocation to areas of need, inform KRT service planning, enable policy development, and monitor KRT health outcomes
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