title: Principal-principal conflicts in Asean 5 mergers and acquisitions

authors: Banchit, Azilawati

subjects: Principal-principal and Principal-agent conflicts

abstract: The thesis investigates principal-principal (PP) conflicts arising in mergers and acquisitions (M&A) in Asean 5 countries; Indonesia, Malaysia, the Philippines, Thailand and Singapore. This thesis is the first study adapting the well-established Lintner dividend model (Lintner, 1956) to examine the potential use of the model as measurement of PP conflicts in Southeast Asian market study where availability of continuous long-term data are usually lacking. The issue is of importance to investors and for the growth of equity markets in Asean countries in Southeast Asia and probably well beyond. 

According to prior research, large controlling shareholders in Asian public listed companies do cause agency conflicts (Becht, Franks, Mayer, & Rossi, 2010; Burkart & Lee, 2008; Claessens, Djankov, Fan, & Lang, 2002). However, the net effect cannot be estimated with any degree of accuracy without understanding and being able to distinguish the single effect of an investment project. The relationship between large shareholders and agency conflicts is difficult to test empirically since no public information is provided at the individual investment project level, which differs from cases of corporate mergers and acquisitions (M&A) (Amihud, Lev, & Travlos, 1990). This thesis is novel in that it reduces this gap by extending a recently developed framework of PP conflicts by investigating the impact of large controlling shareholders in M&A in Asean 5 countries; Indonesia, Malaysia, Philippines, Singapore and Thailand. 

Four main components make up for the contributions that can be drawn from this thesis. First, the issue of PP conflicts, argued by Young, Peng, Ahlstrom, Bruton and Jiang (2008) as a major and especially prevalent concern in emerging markets. Broadly, PP conflicts refer to conflicts between controlling shareholders and minority shareholders in a corporation (Dharwadkar, George, & Brandes, 2000) and include an element of expropriation of profit. The second component is where M&A provides situations in which PP conflicts may be worsen. It is noted that M&A activities in Asean 5 are highly significant. Thirdly, this research is the first direct study of PP agency conflicts, ownership and financial variables for Asean 5 public listed companies. Finally, the fourth component is that the study includes elements of time-invariant (including rarely changing variables) and time-variant variables in the panel data model analysis which provide additional confirmation of the veracity of the modelling and robustness of analysis.  Compared to prior studies undertaken elsewhere, the sophistication and robustness of the micro-econometric analysis used in the research is a significant enhancement.

Data needed to test various hypotheses are sourced from the SDC M&A Database, SDC Ownership database and Thomson One Banker Database. Further data have been collected from companies listed in the individual stock exchange markets of the five countries. The task was not straightforward and while appropriate to recognise efforts by various databases to collect and compile helpful sources, there remains much more work to be done in terms of manual collection of data from published annual reports. This exercise leads to the final sample which comprises of 1,013 deals (807 acquiring companies) from years 2000 to 2008 in various industries. 

Statistical and data issues, such as controlling for endogeneity effects, and treatment of time-invariant and time-variant data in the models, are systematically addressed. The diagnostic testing opens up the potential for the analysis to utilise Hausman-Taylor (HT) and fixed-effects vector decomposition (FEVD) techniques. The current research extends the econometric robustness of analysis using Tobit regression.

PP conflicts associated with M&A are found to be rampant. Furthermore, PA conflicts are also significant in this region. These suggest consequences in terms of limited willingness by investors to participate in share investment as part of individuals’ portfolios strategy. Similarly, challenges by regulators in each capital market to promote the secondary market are addressed in this thesis by advocating the use of dividend ratio policies as an indicator for PP conflicts.

text: Principal-principal conflicts in Asean 5 mergers and acquisitions The thesis investigates principal-principal (PP) conflicts arising in mergers and acquisitions (M&A) in Asean 5 countries; Indonesia, Malaysia, the Philippines, Thailand and Singapore. This thesis is the first study adapting the well-established Lintner dividend model (Lintner, 1956) to examine the potential use of the model as measurement of PP conflicts in Southeast Asian market study where availability of continuous long-term data are usually lacking. The issue is of importance to investors and for the growth of equity markets in Asean countries in Southeast Asia and probably well beyond. 

According to prior research, large controlling shareholders in Asian public listed companies do cause agency conflicts (Becht, Franks, Mayer, & Rossi, 2010; Burkart & Lee, 2008; Claessens, Djankov, Fan, & Lang, 2002). However, the net effect cannot be estimated with any degree of accuracy without understanding and being able to distinguish the single effect of an investment project. The relationship between large shareholders and agency conflicts is difficult to test empirically since no public information is provided at the individual investment project level, which differs from cases of corporate mergers and acquisitions (M&A) (Amihud, Lev, & Travlos, 1990). This thesis is novel in that it reduces this gap by extending a recently developed framework of PP conflicts by investigating the impact of large controlling shareholders in M&A in Asean 5 countries; Indonesia, Malaysia, Philippines, Singapore and Thailand. 

Four main components make up for the contributions that can be drawn from this thesis. First, the issue of PP conflicts, argued by Young, Peng, Ahlstrom, Bruton and Jiang (2008) as a major and especially prevalent concern in emerging markets. Broadly, PP conflicts refer to conflicts between controlling shareholders and minority shareholders in a corporation (Dharwadkar, George, & Brandes, 2000) and include an element of expropriation of profit. The second component is where M&A provides situations in which PP conflicts may be worsen. It is noted that M&A activities in Asean 5 are highly significant. Thirdly, this research is the first direct study of PP agency conflicts, ownership and financial variables for Asean 5 public listed companies. Finally, the fourth component is that the study includes elements of time-invariant (including rarely changing variables) and time-variant variables in the panel data model analysis which provide additional confirmation of the veracity of the modelling and robustness of analysis.  Compared to prior studies undertaken elsewhere, the sophistication and robustness of the micro-econometric analysis used in the research is a significant enhancement.

Data needed to test various hypotheses are sourced from the SDC M&A Database, SDC Ownership database and Thomson One Banker Database. Further data have been collected from companies listed in the individual stock exchange markets of the five countries. The task was not straightforward and while appropriate to recognise efforts by various databases to collect and compile helpful sources, there remains much more work to be done in terms of manual collection of data from published annual reports. This exercise leads to the final sample which comprises of 1,013 deals (807 acquiring companies) from years 2000 to 2008 in various industries. 

Statistical and data issues, such as controlling for endogeneity effects, and treatment of time-invariant and time-variant data in the models, are systematically addressed. The diagnostic testing opens up the potential for the analysis to utilise Hausman-Taylor (HT) and fixed-effects vector decomposition (FEVD) techniques. The current research extends the econometric robustness of analysis using Tobit regression.

PP conflicts associated with M&A are found to be rampant. Furthermore, PA conflicts are also significant in this region. These suggest consequences in terms of limited willingness by investors to participate in share investment as part of individuals’ portfolios strategy. Similarly, challenges by regulators in each capital market to promote the secondary market are addressed in this thesis by advocating the use of dividend ratio policies as an indicator for PP conflicts.

year: 2013

title: Properties of single fibers in global extraocular muscle of the cane toad, Bufo marinus

authors: Halsey, Elizabeth Hope

abstract: Very limited information exists on the contractile physiology of the specialized muscle fibers that make up vertebrate extraocular muscle (EOM). This study was undertaken to measure some contractile properties of fibers in the global region of EOM using the cane toad, Bufo marinus, and in particular the tonic or multiply-innervated fibers (MIFs). Fiber types were characterized using a number of methods.

Tonic and twitch fibers were identified in EOM using transmission electron microscopy. Tonic fibers lacked an M-line, had sparse sarcoplasmic reticulum (SR), few mitochondria and a thick Z-line. Some twitch fibers showed the presence of lipid stores and abundant mitochondria, whereas others were distinguished more by well developed SR. In transverse section, tonic fibers showed a felderstruktur pattern of fused myofibrils and the twitch fibers displayed a fibrillenstruktur pattern of well-delineated myofibrils.

The distribution and diameter of tonic and twitch fibers in the global region were characterized using histochemistry. Transverse sections stained for mATPase, α-GPDH and NADH-TR activity revealed the presence of at least three different fiber types in global EOM of Bufo marinus. Tonic fibers showed little or no activity for all three enzymes and were distributed randomly within the global region where they made up about 20% of the fibers. Tonic fibers always occurred at lower frequencies than twitch fibers at all diameter ranges analysed. Two further types of fiber were characterized by their histochemical appearance as twitch light and twitch dark.

Force-pCa relationships were determined for chemically skinned single fibers by recording peak isometric force at maximal and submaximal calcium activation. Fibers were found to differ in their force response to initial and maximal calcium activation. Force-pCa data were fitted to Hill plots and Hill coefficients, n₁ and n₂, obtained for responses at high and low calcium concentrations, respectively. This information together with diameter and appearance (clear versus dark) also allowed fibers to be divided into three groups. Tonic fibers developed tension slowly and had significantly lower maximum normalized tension and n₂ values than twitch light fibers. Twitch dark and twitch light fibers developed tension rapidly in response to initial and maximal calcium activation and had similar n₂ values. However, twitch dark fibers had a significantly lower maximum normalized tension than twitch light fibers. The pCa₅₀ values did not differ between the three groups of fibers. Fiber classifications were corroborated by single fiber transmission electron microscopy (TEM). SDS-PAGE followed by silver staining was used to resolve the MLC components of single fibers for which force-pCa relationships were known. Both twitch light and twitch dark fibers had three myosin light chains, each having the same electrophoretic mobility as the light chains from the fast-twitch rabbit psoas muscle. The tonic fibers were found to lack the low molecular weight light chain, myosin light chain three (MLC3), and the regulatory light chain (MLC2) of these fibers showed reduced mobility compared to that of the twitch fibers.

The finding that tonic fibers responded in a different manner to initial and maximal calcium activation from twitch fibers can be used by others to aid in their identification. The significantly different responses of twitch and tonic fibers to maximal and submaximal calcium activation highlight the extent to which these fiber types differ. Additional work using single fibers will undoubtedly reveal further differences in the composition and functioning of contractile proteins in EOM fibers.

text: Properties of single fibers in global extraocular muscle of the cane toad, Bufo marinus Very limited information exists on the contractile physiology of the specialized muscle fibers that make up vertebrate extraocular muscle (EOM). This study was undertaken to measure some contractile properties of fibers in the global region of EOM using the cane toad, Bufo marinus, and in particular the tonic or multiply-innervated fibers (MIFs). Fiber types were characterized using a number of methods.

Tonic and twitch fibers were identified in EOM using transmission electron microscopy. Tonic fibers lacked an M-line, had sparse sarcoplasmic reticulum (SR), few mitochondria and a thick Z-line. Some twitch fibers showed the presence of lipid stores and abundant mitochondria, whereas others were distinguished more by well developed SR. In transverse section, tonic fibers showed a felderstruktur pattern of fused myofibrils and the twitch fibers displayed a fibrillenstruktur pattern of well-delineated myofibrils.

The distribution and diameter of tonic and twitch fibers in the global region were characterized using histochemistry. Transverse sections stained for mATPase, α-GPDH and NADH-TR activity revealed the presence of at least three different fiber types in global EOM of Bufo marinus. Tonic fibers showed little or no activity for all three enzymes and were distributed randomly within the global region where they made up about 20% of the fibers. Tonic fibers always occurred at lower frequencies than twitch fibers at all diameter ranges analysed. Two further types of fiber were characterized by their histochemical appearance as twitch light and twitch dark.

Force-pCa relationships were determined for chemically skinned single fibers by recording peak isometric force at maximal and submaximal calcium activation. Fibers were found to differ in their force response to initial and maximal calcium activation. Force-pCa data were fitted to Hill plots and Hill coefficients, n₁ and n₂, obtained for responses at high and low calcium concentrations, respectively. This information together with diameter and appearance (clear versus dark) also allowed fibers to be divided into three groups. Tonic fibers developed tension slowly and had significantly lower maximum normalized tension and n₂ values than twitch light fibers. Twitch dark and twitch light fibers developed tension rapidly in response to initial and maximal calcium activation and had similar n₂ values. However, twitch dark fibers had a significantly lower maximum normalized tension than twitch light fibers. The pCa₅₀ values did not differ between the three groups of fibers. Fiber classifications were corroborated by single fiber transmission electron microscopy (TEM). SDS-PAGE followed by silver staining was used to resolve the MLC components of single fibers for which force-pCa relationships were known. Both twitch light and twitch dark fibers had three myosin light chains, each having the same electrophoretic mobility as the light chains from the fast-twitch rabbit psoas muscle. The tonic fibers were found to lack the low molecular weight light chain, myosin light chain three (MLC3), and the regulatory light chain (MLC2) of these fibers showed reduced mobility compared to that of the twitch fibers.

The finding that tonic fibers responded in a different manner to initial and maximal calcium activation from twitch fibers can be used by others to aid in their identification. The significantly different responses of twitch and tonic fibers to maximal and submaximal calcium activation highlight the extent to which these fiber types differ. Additional work using single fibers will undoubtedly reveal further differences in the composition and functioning of contractile proteins in EOM fibers.

year: 1999

title: Sylvia’s place: Ashton-Warner as New Zealand educational theorist.

authors: Middleton, Sue

subjects: educational theorist

abstract: Sylvia Ashton-Warner’s New Zealand educational context has been – and continues to be – misrepresented as antithetical to her creative methods. Sue Middleton, a professor of education, locates Sylvia’s educational ideas within the national and international Progressive Education movement, indicating that key education officials in post-war New Zealand encouraged creativity and self-expression.

This chapter makes the case that, as a teacher, an educational writer and theorist, Sylvia Ashton-Warner grew in, and not in spite of New Zealand. My argument unfolds in two parts. The first reviews theoretical ideas in the local and international educational environment in which Sylvia lived and worked. Sylvia and Keith Henderson taught in what was referred to until 1946 as the Native School system (and from 1948 until its abolition in 1968 as the Maori Scholl system). They trained and began work as teachers during the Great Depression; and Sylvia began serious writing during World War Two. The war and the Native Scholl system interested in complex ways with the wider international Progressive Education movement and its promotion ‘from the top’ in New Zealand’s public schools. An overview of Progressive (or New ) Education, the changing theories of culture and race in the Native School system, and relations between these during World War Two, opens a wide-angled aperture through which to read Sylvia’s early writing.

text: Sylvia’s place: Ashton-Warner as New Zealand educational theorist. Sylvia Ashton-Warner’s New Zealand educational context has been – and continues to be – misrepresented as antithetical to her creative methods. Sue Middleton, a professor of education, locates Sylvia’s educational ideas within the national and international Progressive Education movement, indicating that key education officials in post-war New Zealand encouraged creativity and self-expression.

This chapter makes the case that, as a teacher, an educational writer and theorist, Sylvia Ashton-Warner grew in, and not in spite of New Zealand. My argument unfolds in two parts. The first reviews theoretical ideas in the local and international educational environment in which Sylvia lived and worked. Sylvia and Keith Henderson taught in what was referred to until 1946 as the Native School system (and from 1948 until its abolition in 1968 as the Maori Scholl system). They trained and began work as teachers during the Great Depression; and Sylvia began serious writing during World War Two. The war and the Native Scholl system interested in complex ways with the wider international Progressive Education movement and its promotion ‘from the top’ in New Zealand’s public schools. An overview of Progressive (or New ) Education, the changing theories of culture and race in the Native School system, and relations between these during World War Two, opens a wide-angled aperture through which to read Sylvia’s early writing.

year: 2009