Capital Structure and Firm Characteristics: Some Evidence from Malaysian Companies

This study tests the determinants of capital structure for the firms listed in the Bursa Malaysia Securities Berhad (BMSB) market during the six year period from 1999 through 2005. The financial statements of 17 companies with numbers of observations totaling 102 are used. We use dependent variable of debt ratio and is expressed by total debt divided by total assets while the independent variables are size, growth, liquidity and interest coverage ratio. Applying pooled OLS estimations, the result shows that the size, liquidity and interest coverage ratio is significantly negatively related to total debt. However, the study finds insignificant negative relation between capital structure and growth of the firm, expressed by the annual changes of earnings. The results also reveal that there is significant different in capital structure among firms that adopt more debt (more than 30 per cent of their total assets) and those which employ less leverage financing.Capital structure, firm characteristics, leverage financing, Bursa Malaysia

Creating Wealth for Shareholders: Evaluating the Performance of the Malaysia Property Companies

This paper measures property companies’ performance under new economic performance metric known as Economic Value Added (EVA) and identifies which companies perform better. The EVA of 27 Malaysia property companies are computed and analysed during the periods of 1997 through 2006. The EVA is an economic performance metric proposed by Stern Stewart Management Services. It claims to have successfully eliminated financial and accounting distortions and provides a true measure of a company’s success in driving shareholder value. Overall, the result of the present study shows that most property companies in Malaysia fail to generate enough income to cover their cost of capital, and thus indicating failure in creating corporate wealth. In order to have positive EVA in the future, firms must improved their strategic and scenario planning. In realizing this, management should focus more on investing capital in the high return projects and at the same time improving on optimal capital structure.Wealth creation, Economic Value Added, Malaysian property companies, performance, NOPAT

What’s Went Wrong With Mesdaq Market?

What’s wrong with companies listed in the MESDAQ market as more and more is leaving for more established counter of the main board of Bursa Malaysia. There is the general perception that companies listed in the MESDAQ Market lack in quality – low prices. This study looks at the problem of MESDAQ by analyzing various criteria such as stock returns and the number of press release by the SC in relation with the civil suit cases due to financial fraud of the companies listed under the MESDAQ Market. The results show that the return for MESDAQ Market index is lower than that of the Main Board index. The results also show more companies in the MESDAQ Market fail do not follow the rules and procedures of the Security Commission.MESDAQ market, technology based firms, high growth companies

Day-of-the-Week Effect on the Bursa (Bourse) Malaysia: Further Evidence from Robust Estimations.

The study examines the day of the week effect on the Kuala Lumpur Composite Index of Bursa Malaysia using the daily data from 4th January 1999 to 29th December 2006. Employing the framework due to Hakan and Halil (2001) the study finds that the day of the week effect is present in Malaysian stock market. Specifically, the results show significant negative and significant positive for Monday and Tuesday, respectively. The Tuesday significant positive effect is possibly due to active buying on Monday because of the drop in price. However, the results of the Tuesday returns contradict almost all of the previous findings. The results indicate that information processed over weekends has affected the return of Kuala Lumpur Composite Index not only during the opening on Monday but also the following days. Thus, we suggest that information will decay only after a few days. The other possible explanation is that by using a more robust estimation on the turbulent sample period data do produce different results from the previous study. We also divide the full sample into two sub samples, we find no evident of the day of the week effect for both four years rolling samples (January 1999 until December 2002 and January 2003 until December 2006). The results of the whole sample seem to be consistent with the previous findings particularly on the Monday returns.Keywords: Bursa Malaysia, day of the week, robustness, OLS

Multivariate Causal Estimates of Dividend Yields, Price Earning Ratio and Expected Stock Returns: Experience from Malaysia

The study examines the relationship among Malaysian’s market stock return, dividend yields and price earnings rato. Specifically, it examines the existence of long-run and short-run relationship and also their predictive power (causality) between and among market stock return, dividend yieds and price earnings. Using the monthly data from 1989-2005, the study finds that all these fundamental variables have a strong long run relationship. As for the short run relationship, the results show significant positive predictive power from dividend yield to stock return and significant negative relation from stock returns toprice earning ratios. In addition, applyingmultivariate causality test, the results show that both dividend yields and price earning ratio Granger cause (predict) the stock return. Similar results are found from stock returns and P/E ratio to dividend yield, as well as from dividend yied and stock returns to P/E raton but with lesser magnitude. Thus, fundamental variables are an important source of nformation in determnng stock market returns and useful to investors and other marke participants in deciding their investment strategies.Stock return, dividend yield, price earning ratio, Malaysian market

Optimization of the Feldspar Usage in High Temperature Drilling Fluid

This report basically discusses the overall element of the project which is entitled, Optimization of the Feldspar Usage in High Temperature Drilling Fluid. This research will be a stepping stone for future research of the new potential drilling fluid additives which is obtained from abundant local resources. The objectives of the project are to discover the properties and characteristics of quartzo-feldspathic rock, to discover the effect of feldspar addition on the drilling fluid properties and to determine the effect of formulated drilling fluid in high temperature and high pressure well condition. In order to correlate cost and effectiveness of the additive, the natural sources of additive (feldspar) which found abundant in Malaysia is determined its potential. In drilling process, drilling fluid could alter in situ formation. In the operation main problem with drilling fluids and additives are concerned on the effect of the drilling fluid log interpretation and on cuttings analysis. Minimizing the environmental impact of a drilling operation as well as safety considerations both directly affect the choice of drilling fluid additives and drilling fluid systems. The methodology of the project is kept with relevancy of current technology. The rock properties identification are using SEM and XRD. Meanwhile, the drilling fluid properties are identified using viscometer, HPHT viscometer and HPHT filter press. The project met its objective, and as a result, feldspar could be used as a loss circulation material additive as it shows a good result in filtration test

A Prevalence Study Of Platelet Alloantibodies In Multiply Transfused Thrombocytopenic Patients In HUSM.

Pesakit yang kerap menerima pemindahan darah adalah terdedah kepada platelet alloimmunisasi. Alloantibodi kepada platelet akan menyebabkan kegagalan kepada transfusi platelet. Tujuan kajian ini dijalankan adalah untuk mengesan alloantibodi kepada platelet didalam pesakit yang kerap menerima transfusi darah di HUSM. Multiply transfused patients are frequently subjected to platelet alloimmunization.These platelet alloantibodies produced can result in refractoriness to platelet transfusion. The aim of this study is to detect the presence of anti-platelet alloantibodies in multiply transfused thrombocytopenic patients in HUSM

Green textile dyeing process by using natural dyes: a review

In the textile industry, up to 200,000 tons of dyes are lost to effluents every year during the dyeing and finishing operations, due to the inefficiency of the dyeing process. Today, the textile industry used average six hundred dyes and chemical for the in production of textile dyeing industry (Christy, 2014). Due to the toxicity of dyes and chemicals used in textile dyeing processes has led to both human health and environment directly or indirectly. Therefore, “Go-green” or going green is one alternative way to maintain the sustainability and productivity of textile dyeing industry hence maintaining natural ecological balance in the environment and preserving its natural system and resources. The textile dyeing industry makes a big contribution to the economic growth and has become a massive industry throughout the years. This is because higher demand in the production of synthetic dyes since they are affordable, good colour fastness, has various of colours available and are easy to manufacture. However, the environmental impact arising from these industries aroused attention in today’s society. In terms of pollution, the textile dyeing industries has been condemned as one of the world’s most offensive industry among other sectors in the world. In fact, World Bank stated that textile processing polluted 20% of water pollution globally

The Effectiveness of Electronic Scheduling Template: Case Study on Composite Based Product’s Company

This paper discusses the effectiveness of electronic scheduling template used by manufacturing planner in a composite based product’s company. The company is manufacturing company and one of the suppliers for Airbus. To produce the composite based product for aerospace industry, it involves various types of composite materials, manufacturing processes and procedures. In addition, it requires highly cost. The other reason is that, manufacturing activities should be well-planned to avoid over expenses on material usage, and meeting the customer deadline. For the application of template, a product was selected for validation. The results positively show the improvement of time to predict the data and the accuracy of the data

Fuguai Mapping: The Useful Method For Problem Solving

Fuguai in Japanese word also called abnormality. The abnormality is unneeded thing which located at the wrong places or situations. In most conditions, the abnormality affected physical, functional and safety problems especially for machines. This paper discusses the application of Fuguai Mapping in order to identify the abnormality at grinding machine as a preventive action to sustain the machine condition. Through the study, it shows that many abnormalities were found. As a result, most of the abnormalities at machine were reduced and had improved the machine efficiency