The impact of ownership structure on corporate debt policy : two stage least square simultaneous model approach for post crisis period : evidence from Kuala Lumpur Stock Exchange

Ownership concentration as a governance mechanism has received considerable attention among academician, practitioners as well as policy makers because large-block shareholders are increasingly active in their demands that corporations adopt effective governance mechanisms to control managerial decisions, which include corporate debt policy. Earlier study on the agency model of the firm widely recognizes that the managerial ownership and external debt play an important role in mitigating agency conflicts and enhancing firm value. They also found that increase in the external monitors, for example the institutional investors, can actually play a useful role in limiting agency problems in the firm. This paper, using 100 Composite Index companies from Brusa Malaysia between 1998 to 2002 explores the impact of institutional holdings on managerial ownership and debt policy in an integrated framework by using a simultaneous equations estimation procedure (2SLS). The findings show that there is a significant impact of institutional ownership which serves effective control mechanism on managerial ownership and corporate debt policy as hypothesized. Findings of such evidence suggest that institutional holding thus have played an important role in managers' strategic management decision and reduce agency conflict. In addition, corporate debt policy too is governed by managerial ownership and exhibited a negative relation.

Managerial ownership concentration and agency conflict using logistic regression approach : evidence from Bursa Malaysia

This paper adopted logistic regression model to examine the relationship between level of managerial ownership concentration and agency conflict which are proxied by level of risk, firms leverage and firms dividend policy. The study covers a period of 5 years from 1997 through 2001. The study is based on the 100 blue-chip stocks, majority of which are derived from CI components. The findings suggest a positive and significant association between level of level of risk at lower level and managerial ownership while a negative and significant association is also evidenced between risk at higher level and managerial ownership concentration. While debt policy which serves as positive monitoring substitute for agency conflict is found to be positive and significant explaining the level of ownership concentration. Furthermore, dividend policies, which also serve as monitoring, substitute to reduce agency conflict between manager and external shareholders do not appear to have any significant impact on managerial ownership. On the other hand, the level of institutional ownership, which serves as external monitoring force, is found to have inverse impact on level of managerial ownership concentration. This is marginally significant at 10 level (p=.12). The findings, in part explain the argument that the managerial ownership help reduce agency conflict between outside equity holders and managers.

Comparison of static and dynamic engine models on the transient performance of a passenger vehicle powertrain

This paper presents experimental and computational results obtained on the Ford Barra 190 4.0 litres I6 gasoline engine and on the Ford Falcon car equipped with this engine. Measurements of steady engine performance, fuel consumption and exhaust emissions were first collected using an automated test facility for a wide range of cam and spark timings vs. throttle position and engine speed. Simulations were performed for a significant number of measured operating points at full and part load by using a coupled Gamma Technologies GT-POWER/GT-COOL engine model for gas exchange, combustion and heat transfer. The fluid model was made up of intake and exhaust systems, oil circuit, coolant circuit and radiator cooling air circuit. The thermal model was made up of finite element components for cylinder head, cylinder, piston, valves and ports and wall thermal masses for pipes. The model was validated versus measured steady state air and fuel flow rates, cylinder pressure parameters, indicated and brake mean effective pressures, and temperature of metal, oil and coolant in selected locations. Computational results agree well with experiments, demonstrating the ability of the approach to produce fairly accurate steady state maps of BMEP and BSFC, as well as to optimize engine operation changing geometry, throttle position, cam and spark timing. Measurements of the transient performance and fuel consumption of the full vehicle were then collected over the NEDC cycle. Simulations were performed by using a coupled Gamma Technologies GT-POWER/GT-COOL/GT-DRIVE model for instantaneous engine gas exchange, combustion and heat transfer and vehicle motion. The full vehicle model is made up of transmission, driveshaft, axles, and car components and the previous engine model. The model was validated with measured fuel flow rates through the engine, engine throttle position, and engine speed and oil and coolant temperatures in selected locations. Instantaneous engine states following a time dependent demand for torque and speed differ from those obtained by interpolating steady state maps of BSFC vs. BMEP and speed. Computational results agree well with experiments, demonstrating the utility of the approach in providing a more accurate prediction of the fuel consumption over test cycles.

Sources of liquidity commonality, asymmetric information and ownership structure in emerging markets : evidence from the Chinese stock market

Xinwei Zheng examines if common factors of liquidity can be determined by ownership structure measured by asymmetric information in an emerging market that has adopted an order-driven trading system. Using China as a case for the study, I select a broad sample of stocks from two separate Chinese stock exchanges to measure and
analyse the relationship. My empirical evidence seems significant and pervasive. These findings about the Chinese stock market provide useful pointers for understanding commonality in emerging economies and shed critical light
on a new dimension of the working of emerging markets.

Do we challenge students enough? Model Solar vehicle project challenges potential engineers.

A major challenge to Australia and New Zealand is the perceived need to develop "knowledge economies" based on the expertise of university graduates,  especially engineers. However, many countries are finding less students are choosing to study engineering. At the same time, there is increasing concern about increased levels of greenhouse gases leading to global warming with species loss, rising sea levels and desertification being likely outcomes. Numerous competitions have been established aimed at attracting school students into science and engineering careers. Environmental groups have also sponsored educational activities to increase student awareness of alternative energy technologies. One activity which provides both a science and engineering challenge while also raising awareness of alternative energy and more efficient conversion of that energy for transport is the Model Solar Vehicle Challenge (MSVC). The Challenge, which provides a solar powered boat competition for younger students and a car race for the older ones, has involved thousands of Victorian school students since 1990 and students from all Australian states since 1993. Boats race in 2 or 3 lanes guided by an overhead wire in a 10 metre pool, and cars race 100 metres around a figure 8 track. Top boats average over 7 kph and cars reach speeds of 25 kph at the finish line. This paper will discuss the conduct of the Challenge, motivation of participants, the depth of learning which can be achieved and the effectiveness of the Challenge in encouraging students to continue with science subjects through school and to select engineering at university. It will also briefly discuss the lessons that can be learnt from the MSVC and applied to first year university courses.

Vehicle design for minimum societal harm

A design technique was developed to provide the best protection to all occupants in the real-world crashes that occur on Australian roads. A team of experts from around the world was marshalled to analyse crash data, develop new information on impact injury and a new computer optimising technique for simulation of side impact crashes.

Impact of board composition and ownership on internationalisation strategy amongst small New Zealand firms

Internationalisation strategies are important for company expansion because New Zealand, with its four million people, has such a small market. Nonetheless, there mayor may not exist ;"agency costs" in the use of Outside Directors. Ownership patterns may also influence Internationalization Strategy. Using Binary Correlation, N-Way Cross-Tabulation, and Principal Component Analysis, we find evidence that Outside Directors have less influence on Internationalisation Strategy than Inside Directors. Family ownership also seems to have a greater association than non-family owned companies. Despite substantial limitations, the methods and models proposed seem to have some utility in examining the association of Internationalisation Strategy with Board Composition and Ownership Patterns.

Reducing energy consumption of vehicle air conditioning system by an energy management system

This paper presents an energy management system to reduce the energy consumption of a vehicle when its air conditioning system is in use. The system controls the mass flow rate of the air by dynamically adjusting the blower speed and air-gates opening under various heat and loads circumstances. Simulations were conducted for a travelling vehicle operating the air conditioning system without and with the developed energy management system. The results show that the comfort temperature within the cabin room is achieved for reduced amount of energy consumption.

Dog ownership, dog walking and children's and parents' physical activity

This study aimed to determine cross-sectional associations of dog ownership, dog walking, and physical activity (PA) among children and their parents. Objective measures of PA were obtained for children ages 5-6 and 10-12 years from 19 primary schools across Melbourne, Australia. Parents self-reported their PA, dog ownership, and frequency of dog walking: 53% of families owned a dog, 41% of children who owned a dog did not walk their dog at all, and 32% reported never or rarely walking their dog as a family. Dog ownership was associated with an additional 29 min/day in PA among younger girls, and 70 and 59 min/week more in PA among mothers of younger boys and older girls, respectively. Among mothers of older girls, dog owners were 1.6 times as likely to meet PA guidelines. Mothers with older boys and girls, and fathers with younger boys, who reported walking the dog regularly as a family, spent more time in PA (105, 90, and 158 more min/week, respectively). Promoting dog ownership and dog walking among children and as a family are potential strategies for increasing PA participation in some families.