OWNERSHIP STRUCTURE AND FIRM CASH HOLDINGS: EVIDENCE FROM THE PUBLIC FLOAT IN IPOS

Department of Management EngineeringI examine the effect of insider ownership on the level of cash holding by measuring the percentage of shares issued to the public, namely public float. Using a sample of 4,402 IPOs between 1990 and 2013, I find that public float has significantly negative relation with the level of firm???s cash holdings. Specifically, the reduced insider ownership by large percentage of shares issued to the public seems to motivate insiders to waste more cash, resulting in decrease in the level of cash holding. This relation persists even after controlling for various firm characteristics. High public float (or small insider ownership) also exacerbate agency problem evidenced by public float being positively associated with discretionary accrual proxy for agency problem. The level of cash holding reduced further when we interact public float with discretionary accrual term. Collectively, this finding suggests that large sales in insider ownership in IPO market worsen the agency problem and consequently motivate insider to squander firm???s cash holding.ope

Non-disclosure of information in the prosecution of preventive detention regimes

Preventive detention has been adopted as a measure of counter-terrorism law in many jurisdictions. It has been authorised under the Security Certificate regime in Canada and the Control Order regime in United Kingdoms. Since their adoption, the two regimes have become objects of much debate. The reason is that they both legalised the use of secret evidence and secret hearings in their prosecution. The issue arose whether the non-disclosure of such information in a judicial review to decide the reasonableness of a control order/a security certificate deprives terrorist suspects from a fair hearing. This paper explores that question by analysing two landmark cases in the United Kingdom and Canada: AF (No 3) and Charkaoui I. The paper’s thesis is that the findings of the courts in these two cases are reasonable. However, the alternative to full disclosure as adopted by both the United Kingdom and Canada – the Special Advocate model – is currently too limited. This paper subsequently offers solution for this: the judges should have a more active role in investigating the relevant facts of the cases

The Role of Regional Institutions in Sustainable Development: A Review of the Mekong River Commission First 15 Years

The implementation of sustainable development principles often comes into conflict with government driven needs for greater economic growth. The richly diverse Mekong Region–which comprises the six riparian nations of China, Burma, Laos, Thailand, Cambodia, and Vietnam–is in the midst of a regional debate between development and ecological preservation. The Mekong River Commission (MRC), the sole organization in the region tasked with managing this delicate balance, is struggling to find a balance between utilizing the Mekong’s waterways for economic growth without undermining the vitality of the river for use by future generations. In its 15 year history, the organization has never truly defined its basic principles on sustainability and has instead shifted positions as its leadership has changed. The MRC is also trapped in a difficult balance with its upstream neighbors; due to its limited authority, the MRC has been unable to effectively manage water usage and development along the Mekong region

Towards a Formal Description of NPI-licensing Patterns

This paper is a formal study of a simplified version of Negative Polarity Item (NPI) licensing requirements in two languages, English and Hungarian. In the framework of Model-Theoretic Syntax, using logical formalisms defined over tree-languages, I show that neither pattern can be described with Tier-based Strictly Local (TSL) constraints only, and suggest that they need a more complex logical formula. In particular, Hungarian patterns can be described using a combination of Tier-based Strictly 2-Local constraints over dominance relations and Locally 1-Testable constraints over the left-of relations between nodes. For English, there are no sufficient local constraints, either with or without tiers. As part of the analysis, I give a definition of a generalized tree-language that uses Tier-based 2-Local constraints over dominance relations, while it remains underspecified for left-of relations

THE INVOLVEMENT OF ENTREPRENER’S NETWORKS IN OPPORTUNITIES EXPLORATION AND EXPLOITATION OF INTERNATIONAL NEW VENTURES. A case study of two Vietnamese International New Ventures

The role and importance of entrepreneur’s network for International New Ventures (INVs) are highlighted in much research. However, there is a lack of more profound studies on how different perspectives of network influence INVs. Therefore, this thesis aims to develop a deeper understanding of the multiple aspects of entrepreneurs’ networks involvement in INVs with regard to opportunity development process. Theoretical framework constitutes of three aspects of entrepreneur’s networks: type, strength and functions of relationships, put in the context of entrepreneurial opportunity’s exploration and exploitation. The theoretical framework is empirically examined through two cases study of two prominent business models in Vietnam economy: State-owned company and Private-owned company. Lastly, empirical part validates and contributes to a better understanding of the framework, hence, answers the research question. It is found that entrepreneurs utilize social network as the most efficient means of rapid internationalization. While entrepreneurs’ weak relationships positively impact business opportunities exploration, strong relationships greatly affect business opportunities exploitation. This study also uncovers more clearly the functions of networks in various critical activities related to opportunity exploration and exploitation.fi=Opinnäytetyö kokotekstinä PDF-muodossa.|en=Thesis fulltext in PDF format.|sv=Lärdomsprov tillgängligt som fulltext i PDF-format

Growth-dependent haemolymph physiology in freshwater crayfish farmed in Western Australia

Five experiments on crayfish under laboratory and outdoor field conditions were conducted to (1) establish relationships between moult stages and haemolymph osmolality (2) evaluate the interactions among size-dependent haemolymph ionic profile and physiology, feed ingestion and foregut evacuation rate and (3) evaluate the effects of abiotic and abiotic factors on the productivity of yabby populations. Moult stages significantly affected the haemolymph physiology, growth and health status. Zooplankton density and phosphorus influenced the yabby productivity

Factors influencing farmers’ climate change adaptation in Southeast Asia: A comparative study from Vietnam, Laos, and Cambodia

Southeast Asia is among the most climate-vulnerable regions in the world. Despite this, little is known about how climate change adaptation at the household level differs across countries in this geographic region. This cross-country study investigated factors influencing adopting three adaptation practices: growing climate-tolerant crops, intercropping, and switching to cash crops in some selected provinces in Vietnam, Laos, and Cambodia. Based on the survey data from 1017 farm households in these three countries, the paper found that surveyed households in Laos and Cambodia were less likely to adopt the three practices than those in Vietnam. Perception about the impacts of climate change and perceived usefulness of climate change adaptation consistently influenced the adoption likelihood of those practices. Information on climate change shaped farmers’ decision to select climate-tolerant varieties and diversify crops. Policy implications aiming at fostering farmers’ adoption of adaptation practices are discussed

Consumer perception and behavior toward food safety risk in Vietnam : a thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Economics at Massey University, Manawatu Campus New Zealand

Perception of food safety risk is heightened in Vietnam. The main objective of this thesis is to gain an understanding of consumer perception of food safety risk and the relationship between risk perception and behaviour toward food safety risk in Vietnam. The thesis used the primary data that comes from our survey of 498 consumers and group discussions. Data were collected during 2017 in Hanoi, Vietnam. Results from Structural Equation Modelling (SEM) analysis confirmed that extensive media coverage of food safety scandals decreased trust in institutions and heightened risk perception of common food and risk perception of hazards directly. Negative food safety information indirectly amplified perception of food safety risk in general. Using the mixed method, we found that risk perception was shaped by the fear of hazards, risk perceived from common foods, and food risk information. This finding was supported by those generated from SEM. Region was the most important determinant of risk perception, where urban consumers perceived a higher food safety risk than their rural counterparts. Applying Principle Component Analysis and ordered logit regression, we found differences and similarities in the determinants of vegetable risk perception between the rural and urban regions. The Kruskal-Wallis test shows that higher risk perception was associated with a larger decline in vegetable consumption. To reduce the perceived risk, consumers avoided eating vegetables that were believed to be unsafe and switched to safer ones. We used the contingent valuation method to predict the willingness to pay (WTP) for organic vegetables. Results show that the WTP of urban consumers was higher than that of rural respondents. Perceived values of organic food, trust in organic labels, and income increased the WTP across the regions. Growing own vegetables reduced the WTP in the rural region only. Our findings suggest that regional differences need to be considered when designing risk communication and food safety policy. Urban farming should be encouraged as a mean to reduce food safety concerns in cities

TRANSFORMING DEVELOPMENT MODELS TO ADAPT TO CLIMATE CHANGE IN VIETNAM TODAY

In the context of climate change and increasing sea level rise, unpredictably affecting the survival of humanity, there is a danger of erasing the economic development achievements of countries. In response to climate change and sea level rise, countries have transformed their growth model to green growth - considering this an inevitable development trend, both a means and a result of sustainable development and environmental protection. Vietnam is not an exception to that general trend. The article clarifies a number of contents related to climate change, overviews climate change in Vietnam in the past time and scenarios to cope with climate change to clarify the transition to green growth in accordance with the circumstances of Vietnam, thereby making some recommendations to better implement green growth in Vietnam in the coming time.  Article visualizations

Consumers' raw poultry washing practices: A cross-sectional and observational study in eight Southeast Asian countries

Consumers are recommended not to wash raw poultry before cooking since this practice increases risks of cross contamination with foodborne pathogens. However previous studies had identified that consumers were unaware of this incorrect behaviour. This study aims to assess consumers' self-reported and observed raw poultry washing practices in Southeast Asian (SEA) countries. A mixed method design was employed, with data collected via a cross-sectional survey across eight SEA countries, observational studies and semi-structured interviews conducted in Indonesia and Malaysia. Ninety-six percent (n = 2009) of surveyed participants reported that they washed raw poultry at home. Participants from Laos and Philippines, older, married and low-income participants reported washing raw poultry more frequently. The main reasons for washing raw poultry were to remove dirt, slime, blood or feathers and the act of washing makes them feel safer. Participants from Cambodia (OR = 2.855, p < 0.001), Indonesia (OR = 3.208, p < 0.001), Laos (OR = 3.012, p < 0.05), Malaysia (OR = 2.003, p < 0.05) and Thailand (OR = 2.148, p < 0.001) were 2.00-3.21 times more confident about not washing raw poultry upon understanding the rationale that washing does not reduce microbial load. Participants who purchased from supermarkets (OR = 1.785, p < 0.05) were significantly more confident about not washing raw poultry compared to other sources of raw poultry. Our observation study identified various cross contamination pathways including lack of hand hygiene practices, inadequate cleaning and sanitation procedures, and cross contamination of raw poultry and washed water to surrounding areas. Semi-structured interviews revealed that participants preferred to wash raw poultry due to the lack of cleanliness of raw poultry purchased from traditional markets and the act is ingrained in their cultural practice. Due to consumers' preference for freshly slaughtered poultry and perceived cleanliness of raw poultry purchased from traditional markets, hand hygiene practices during and after handling raw poultry and cleaning of kitchen sinks and surrounding areas with soap should be emphasised. Targeted food safety messages and educational campaigns suited to local cultural differences should be conducted. This study presents the first empirical findings on consumers' raw poultry washing practices in eight SEA countries. Practical implications and further recommendations are provided