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.

Research paradigms in environmental education : post war reconciliation?

Methodological self-reflection is an aspect of research rigour. Yet the "politics of method" perspective has been slow to take hold in North American environmental education. While arguments have been made concerning the need for deliberation about and congruence among the political theories of substance and method, polarisation of quantitative and qualitative researchers has tended to persist. This presentation provides an outline of the issues arising at a recent forum which aimed to transcend this polarisation of research in environmental education.

An investigation on asset allocation and performance measurement for unit trust funds in Malaysia using multifactor model : a post crisis period analysis

This study examines the pattern of asset allocation and the performance of unit trust in Malaysia over the post crisis period by using risk-adjusted performance measures and multi-factor model from the year 2000 to 2004. Evidence from the statistics suggests that an active asset allocation strategy had been observed among Malaysian fund managers during the post Asian financial crisis. It is also suggested that investment allocation in equity remained a dominant vehicle for investment and asset allocation. Findings from multifactor model suggest that all funds of different objectives registered positive alphas except for income funds, with growth funds being among the top. While balanced funds registered highest diversification effectively, diversifying away about 70%-80% of unsystematic risk, the momentum factor is not among the important elements to explain unit trust performance in Malaysia.

State–Chaebol relations in the post-crisis period

This article examines contemporary Korean capitalism via an analysis of state-chaebol relations in the post-crisis period. The Korean state played a prominent role in industrial and financial restructuring after the crisis. Some scholars argue that a 'new' state has emerged in Korea, with the activism during the financial crisis representing only a temporary diversion from the shift towards a 'competition state'. Others claim that the Korean state still seeks to directly shape economic outcomes: some policy instruments have changed, but strategic intent, defined here as the will to directly manage investment flows and shape economic structures, has not. The transition of Korean capitalism from the developmental state system towards neo-liberalism, this article argues, is far from complete. Emphasizing the situated choices of state elites and the challenging political context in which they find themselves, we presume a condition of mutual dependence between the state and chaebols. Given incidences of conflict in the post-crisis context, we argue that the state has not fully reasserted its will over the chaebols. The restructuring of chaebols ('Big Deals') are best understood as symbolic measures intended to garner external support for the Korean state rather than unfettered exercise of strategic intent. At the same time, we go beyond existing accounts of 'state decline' by highlighting the place of economic performance by the chaebols as the preeminent criteria for state support. The state and chaebols remain central to Korean capitalism, even in its current hybrid and somewhat dysfunctional form.

Post-war migrant built heritage in Melbourne : from assimilation to multiculturalism

If place identities are created by ascribing subjective meaning to sites and buildings it follows that diverse groups will consider place meaning differently. This poses a challenge for the selection and interpretation of heritage sites in plural societies where notions of architectural significance are likely to conflict. Basing heritage policy on the premise of a shared heritage is particularly challenging when the cultural traditions of the past underlie definitions of architectural significance in a more culturally diverse present. This paper presents an introduction to research exploring the inclusion of twentieth century migrant built heritage in Australia. Through selected examples of recently recognised heritage sites in Melbourne, the paper considers how migrant heritage is included and what this reveals about the cultural traditions underlying Australian heritage discourses. The inclusion of migrant places suggests that there is an initial shift in heritage discourses where notions of architectural significance have expanded to include the history of post-war migration. However, the examples raise questions about the nature of cultural inclusivity in heritage frameworks.

People with disabilities, their rights and sense of citizenship in post-war Iraq

A one day videoconference comprising live interviews

Tribes and political representation: the case of post-war Iraq

 Ten years have passed since the US-led invasion of Iraq in 2003, and the political scene in Iraq is still blurry. Iraq was promoted to be the democratic example in the Middle East. The US came to Iraq to “create” a democratic system that can be a model for other countries in the region. A major factor in creating such environment is by changing the radical centralised totalitarian regime with a weak state that can give more space to building the civil society in new Iraq (Looney, 2003). Nonetheless, the socio-economic and political indicators of the newly installed political “democratic” system point to notable failures. Apart from poor socio-economic factors, the new political elite has either misused democracy for personal, ethno-sectarian or partisan gains or abused the system to ensure their long lasting presence in the decision making arena. Corruption, disconnection from electorate, poor performance and carelessness of politicians and failing state service provisions have all made citizens question the feasibility of political participation in elections. The electorate seem to have lesser faith in the political parties and blocs whose legitimacy of representation  is at stake. Noticeably, tribes have stepped forward to mobilise people as a non-partisan and independent powerful social structure. They have been active in lobbying the state as well as encouraging their members for active participation. This paper discusses the extent to which Iraqi tribes are involved in political participation. It explores their roles in active citizenship and the way they represent and mobilise their  members. It also probes whether tribes have the influence on shaping the political trajectory in Iraq.

Mapping the ill disciplined? Spatial analyses and historical change in the post-war film industry

As part of a broad disciplinary shift, from a focus on measuring the value and meaning of cultural artefacts to understanding the import of cultural flows, humanities researchers are increasingly turning to other disciplines and disciplinary practices to inform their research. For film scholars, rather than providing a reading of specific media texts and their qualities there is an increasing focus on the contextual events that shape and formulate cinema practice. This chapter is an example of how cross-disciplinary relationships, for example between Cinema Studies, Geospatial Science, Statistics and the Creative Arts can uncover new research questions and test methodologies across uncharted disciplinary terrain. It also offers an opportunity to reflect on some of the key assumptions around collaborative research, through its reorganization of academic spaces and “sites” of knowledge.

Performance and hormonal profile in broiler chickens fed with different energy levels during post restriction period

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Estudio preliminar de los efectos de la industrialización de postguerra sobre la composición de las importaciones y la vulnerabilidad externa en América Latina = Preliminary study of the effects of post-war industrialization on import structures and external vulnerability in Latin America

Incluye Bibliografía