Impact of Movement Control Order on Risk-Adjusted Performance of the Malaysian Real Estate Investment Trusts (M-REITs)

The first Movement Control Order (MCO) implemented by the Malaysian government from 18th March 2020 to 3rd May 2020 was unprecedented. Since Malaysia was only mildly affected by previous epidemics or pandemics unlike the COVID-19, studies of the pandemic impact on the performance of Malaysian firms and M-REITs in specific were limited. To close this gap, this study compares Sharpe ratio, Treynor ratio and Jensen Alpha ratio of 18 M-REITs for sub-periods before, during and after the MCO. Paired sample t-test results for all these three risk-adjusted performance measures consistently show that M-REITs significantly performed better during the MCO compared to before the MCO as well as after the MCO compared to before the MCO. The results suggest that the business model and portfolio of real estate managed by M-REITs are resilient against both systematic and unsystematic risk factors, and imply that the intrinsic value of M-REITs is not significantly affected by the market uncertainty caused by movement restriction. The findings also bolster investors’ confidence to include M-REITs as part of their diversified investment portfolio to achieve sustainable return performance in the post-Covid period. To remain resilient and sustainable, the management of M-REITs should diversify the portfolio of properties and real estate they managed since the movement restriction had varying repercussions on different types of real estate. Rooms for further diversification are justified by a larger percentage of M-REITs having positive Treynor ratios after the MCO sub-period if compared to positive Sharpe ratios. A well-diversified portfolio managed by an M-REIT can reduce unsystematic risk, which is part of the total risk measured by standard deviation, eventually moving towards a positive Sharpe ratio

Epidermal growth factor receptor mutations in non- small cell lung cancers in a multiethnic Malaysian patient population

In Malaysian patients with NSCLC, the EGFR mutation rate was similar to that in other Asian populations. EGFR mutations were significantly more common in female patients and in never smokers. Never smoking status was the only independent predictor for the presence of EGFR mutations

Antioxidant and hepatoprotective effects of the food seasoning curry leaves Murraya koenigii (L.) Spreng. (Rutaceae)

Murraya koenigii (L.) Spreng. (Rutaceae), a common spice, has been traditionally used to reduce inflammation and hepatitis. The present study aimed to reveal the antioxidant and anti-inflammatory activity as well as the regulation of cytochrome P450 levels elicited by aqueous extracts of M. koenigii leaves in response to paracetamol-induced liver toxicity in BALB/c mice. Liver toxicity was induced by an overdose of paracetamol followed by treatment with a M. koenigii leaf aqueous extract. The levels of serum liver markers, liver antioxidants, inflammatory markers and liver cytochrome P450 2E1 were quantified after 14 days of treatment. Histopathological analysis of the liver was also carried out. In vitro antioxidant levels and phenolic acid characterization were also performed. The extracts (50 and 200 mg kg-1 body weight) effectively restored the serum liver profiles (alanine transaminase, aspartate transaminase and alkaline phosphatase), liver antioxidant levels (superoxide dismutase, glutathione and ferric reducing ability of plasma) and inflammatory markers (tumor necrosis factor alpha, inducible nitric oxide synthase, nuclear factor kappa-light-chain-enhancer of activated B cells and nitric oxide) to healthy levels in a dosage dependent manner. The level of liver cytochrome P450 2E1 was also lowered in the extract treated groups. Histopathological assessment showed that treatment with 200 mg kg-1 of the M. koenigii aqueous extract was able to reduce liver necrosis in mice fed paracetamol. Gallic acid concentration was the highest among all the phenolic acids detected in the extract. These results suggested that the M. koenigii aqueous extract, which possessed antioxidant and anti-inflammatory effects, can be used as a potential treatment for liver diseases caused by oxidative stress

Coconut water vinegar ameliorates recovery of acetaminophen induced liver damage in mice

Background: Coconut water has been commonly consumed as a beverage for its multiple health benefits while vinegar has been used as common seasoning and a traditional Chinese medicine. The present study investigates the potential of coconut water vinegar in promoting recovery on acetaminophen induced liver damage. Methods: Mice were injected with 250 mg/kg body weight acetaminophen for 7 days and were treated with distilled water (untreated), Silybin (positive control) and coconut water vinegar (0.08 mL/kg and 2 mL/kg body weight). Level of oxidation stress and inflammation among treated and untreated mice were compared. Results: Untreated mice oral administrated with acetaminophen were observed with elevation of serum liver profiles, liver histological changes, high level of cytochrome P450 2E1, reduced level of liver antioxidant and increased level of inflammatory related markers indicating liver damage. On the other hand, acetaminophen challenged mice treated with 14 days of coconut water vinegar were recorded with reduction of serum liver profiles, improved liver histology, restored liver antioxidant, reduction of liver inflammation and decreased level of liver cytochrome P450 2E1 in dosage dependent level. Conclusion: Coconut water vinegar has helped to attenuate acetaminophen-induced liver damage by restoring antioxidant activity and suppression of inflammation

In vivo antitumor and antimetastatic effects of flavokawain B in 4T1 breast cancer cell-challenged mice

Flavokawain B (FKB) is a naturally occurring chalcone that can be isolated through the root extracts of the kava-kava plant (Piper methysticum). It can also be synthesized chemically to increase the yield. This compound is a promising candidate as a biological agent, as it is reported to be involved in a wide range of biological activities. Furthermore, FKB was reported to have antitumorigenic effects in several cancer cell lines in vitro. However, the in vivo antitumor effects of FKB have not been reported on yet. Breast cancer is one of the major causes of cancer-related deaths in the world today. Any potential treatment should not only impede the growth of the tumor, but also modulate the immune system efficiently and inhibit the formation of secondary tumors. As presented in our study, FKB induced apoptosis in 4T1 tumors in vivo, as evidenced by the terminal deoxynucleotidyl transferase dUTP nick end labeling and hematoxylin and eosin staining of the tumor. FKB also regulated the immune system by increasing both helper and cytolytic T-cell and natural killer cell populations. In addition, FKB also enhanced the levels of interleukin 2 and interferon gamma but suppressed interleukin 1B. Apart from that, FKB was also found to inhibit metastasis, as evaluated by clonogenic assay, bone marrow smearing assay, real-time polymerase chain reaction, western blot, and proteome profiler analysis. All in all, FKB may serve as a promising anticancer agent, especially in treating breast cancer

Corporate social responsibility and financial performance among Malaysian government-linked and non-governmentlinked listed companies

In Malaysia, government-linked companies (GLCs) are required to fulfil more CSR obligation and expected to achieve better financial performance due to preferential treatment from the government. Based on stakeholder theory, contribution in CSR may improve corporate reputation and in turn, improve the financial performance of the involved companies. However, controversial past studies have shown underperformance of GLCs compared to non-GLCs. Whether more CSR contributions will lead to better financial performance still remains unknown. Moreover, there is a lack of literature to examine the differences in CSR and financial performance relationship between government-linked and non-government-linked companies. For the purpose of examining the effects of CSR on financial performance, top 100 public listed companies (PLCs) on Bursa Malaysia are selected and categorized into GLCs and non-GLCs. The main objectives of the study are (1) to compare the differences in CSR and financial performance between GLCs and non- GLC; (2) to examine the relationship between CSR and financial performance across GLCs and non-GLCs in Malaysia; and (3) to identify the CSR dimensions that significantly affect the financial performance of GLCs and non-GLCs in Malaysia. For the present study, CSR is proxied by CSR disclosure-based dimensional scores (including dimensions of community, environment, marketplace and workplace) whilst financial performance employs both accounting performance (i.e. ROA) and market performance (i.e. Tobin’s Q) measures. The results show that GLCs contributed more in CSR whilst non-GLCs achieved a better financial performance. Based on pooled OLS and fixed effects estimations, for a period from 2007 to 2016, the results show that the CSR performance of Malaysian companies has a negative or no effect on financial performance in short run (measured by ROA). However, CSR performance mostly has a positive effect on financial performance in the long turn (measured by Tobin’s Q), regardless of GLCs or non-GLCs. Among the four dimensions, community dimension consistently demonstrates a stronger positive effect on ROA and Tobin’s Q across GLCs and non-GLCs. Comparative study of the CSR, financial performance and relationship between CSR and financial performance across GLCs and non-GLCs are the highlights of the present study. The findings provide valuable insights for Malaysian GLCs and non-GLCs to identify which CSR dimension will lead to a significantly better financial performance. Therefore, these help Malaysian companies to formulate a clearer CSR strategic agenda which in turn create values and competitive advantages for Malaysian companies

Communication efffectiveness of expanded audit report.

This study serves to determine the communication effectiveness of the expanded audit report proposed by Institute of Certified Public Accountants ofSingapore (ICPAS). Recently, developed countries like the United Kingdom and Australia have switched to a new expanded audit report after the United States took the lead in 1987, in the hope of narrowing the expectation gap. ICPAS in its recent exposure draft, Singapore Standards on Auditing 13 (SSA 13), has also proposed the switch to an expanded audit report format. Accounting undergraduates (in Singapore) and non-accounting undergraduates (in Singapore and Australia) were randomly selected to test their understanding on the audit terminology, the roles and duties of the auditor and management, the nature of an audit, and the audit process after reading the expanded audit report. Independent t-tests were used to make comparison to determine whether there was significant differences in their level of understanding. Our statistical results indicated that an expectation gap persists even with the use ofthe expanded audit report. As such, we recommend public education about the audit profession and the technical terms used in the report and an improvement on its presentation to enhance the readers’ understanding.ACCOUNTANC

The review of corporate social responsibility (CSR) literature in the new millennium

Corporate Social responsibility (CSR) is one of the most researched topics ever since the first definition of CSR was given in 1953. CSR is a widely researched topic both by the academicians and the practitioners. Although there have been many literature reviews in this topic before, there has been very limited research on the literature review in this topic focusing only on the articles published after the year 2000. The main objective of the study is to review the literature related to CSR in the new millennium. The second objective of the study is to analyze the relationship of CSR and firm’s financial performance based on the literature review of the articles related to the relationship between CSR and firm’s financial performance from the year 2000. The study used a systematic way to review the past literature indexed in Web of Science (WOS) database, with a combination of both statistical and content analysis. The articles related to CSR were searched using the keyword CSR or Corporate Social Responsibility. Then the articles related to CSR performance were shortlisted for further analysis. The final analysis included 74 most relevant articles after eliminating those which are not directly related to the relationship between CSR and firm’s financial performance. The findings indicated that around 69.4% of the study related to CSR from the year 2000 onwards was related to CSR and firm’s performance. The findings also highlighted that around 57% of the study related to the CSR and firm’s financial performance shows a positive relationship. However, only 5% of the studies under this topic show a negative relationship, 20% show a mixed relationship and the balance 18% shows a neutral relationship. The study gives an understanding on the changing dynamics of the literature related to CSR. The positive relationship between CSR and firm’s financial performance is an encouraging signs for the corporations. The results of the studies should convince the managers that the companies with good CSR practices are likely to have a competitive edge over its competitors. Future study may increase the sample size of the articles related to the relationship between CSR and firm’s financial performance, or to identify the result differences across different countries and sectors

The concept of corporate social responsibility (CSR)—A review of literature

CSR has been studied widely both in the developed and the developing countries. However the dynamic nature of CSR has resulted in different types of research studies. The present study involved a systematic literature review on the concept of CSR. The study used the qualitative method using the content analysis approach to review the article. The study used the simple descriptive statistics to analyse the data collected from the reviewed article. A total of 100 articles were selected for this study using the keyword Corporate Social Responsibility (CSR) in the Google scholars’ database. The findings show that only 72% of the CSR studies were conceptual research papers where the researcher focused on the definition and conceptualisation of CSR. About 17% of the research articles were on CSR performance and the remaining 11% was on CSR communication. The present study attempts to initiate the literature review research on the concept of CSR