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: Majesty in misery. Two pictorial sources of Andreas Gryphius's martyr play Carolus Stuardus

authors: Laaper, Hein

abstract: In the annotations to his drama, Ermordete Majest ät Oder CAROLUS STUARDUS K önig von Gross Britanien, the Baroque dramatist Andreas Gryphius left no doubt about the fact that he consulted for his work both the Eikon Basilike Vel Imago Regis Caroli, which was first published in England in 1649, and the Vollst ändiges Englisches Memorial, which appeared in Holland early in the same year. When comparing these two historical sources with Carolus Stuardus one notices immediately the similarity of the content and form of the Englisches Memorial with Gryphius's drama. Less noticeable is the connection of the play with the King's book, Eikon Basilike, but Gryphius makes extensive reference to the text in the annotations of his play. The Eikon Basilike and the Englisches Memorial each contain an engraving whose significance for the martyr play has been underestimated until recently. The engravings in question are the depiction of the royal martyr, Charles I, in the Eikon Basilike as well as the pictorial representation of the last moments of the monarch ' s life and his execution from the Englisches Memorial.

text: Majesty in misery. Two pictorial sources of Andreas Gryphius's martyr play Carolus Stuardus In the annotations to his drama, Ermordete Majest ät Oder CAROLUS STUARDUS K önig von Gross Britanien, the Baroque dramatist Andreas Gryphius left no doubt about the fact that he consulted for his work both the Eikon Basilike Vel Imago Regis Caroli, which was first published in England in 1649, and the Vollst ändiges Englisches Memorial, which appeared in Holland early in the same year. When comparing these two historical sources with Carolus Stuardus one notices immediately the similarity of the content and form of the Englisches Memorial with Gryphius's drama. Less noticeable is the connection of the play with the King's book, Eikon Basilike, but Gryphius makes extensive reference to the text in the annotations of his play. The Eikon Basilike and the Englisches Memorial each contain an engraving whose significance for the martyr play has been underestimated until recently. The engravings in question are the depiction of the royal martyr, Charles I, in the Eikon Basilike as well as the pictorial representation of the last moments of the monarch ' s life and his execution from the Englisches Memorial.

year: 1977

title: Ka hao te rangatahi: Exploring school and work pathways for rangatahi Māori / Youth  growing up within gang space in Aotearoa

authors: Maihi, Bonnie

subjects: Rangatahi

abstract: This thesis explores the experiences of rangatahi Māori growing up in gang environments in Aotearoa, focusing on their educational and employment journeys. The research aims to elevate the rangatahi narratives without reducing them to mere statistics or stereotypes, highlighting their resilience and insights in contexts often characterized by stigma and judgement. Employing principles of Kaupapa Māori, Critical Pedagogy, and a Waka navigation framework, this study challenges deficit-based perspectives that typically dominate discussions about gangs. 

On a practical level, it advocates for trust-based partnerships with gang whānau, emphasizing the importance of honesty and respect to foster collaboration. Existing Whānau -led initiatives illustrate the possibilities of merging cultural knowledge with everyday survival, showcasing resilience as a lived reality. Theoretically, the research offers an insider perspective, positioning myself as researcher to honor lived experiences and mitigate traditional negative framings of gang spaces, instead framing them as complex sites of identity and resilience. 

Ultimately, this thesis posits that rangatahi Māori in gang settings are not merely problems to be solved but are agents of hope and strength, rooted in their heritage. Their futures should be shaped by their identities rather than deficits, affirming their tino rangatiratanga and capacities for meaningful contributions within their communities.

text: Ka hao te rangatahi: Exploring school and work pathways for rangatahi Māori / Youth  growing up within gang space in Aotearoa This thesis explores the experiences of rangatahi Māori growing up in gang environments in Aotearoa, focusing on their educational and employment journeys. The research aims to elevate the rangatahi narratives without reducing them to mere statistics or stereotypes, highlighting their resilience and insights in contexts often characterized by stigma and judgement. Employing principles of Kaupapa Māori, Critical Pedagogy, and a Waka navigation framework, this study challenges deficit-based perspectives that typically dominate discussions about gangs. 

On a practical level, it advocates for trust-based partnerships with gang whānau, emphasizing the importance of honesty and respect to foster collaboration. Existing Whānau -led initiatives illustrate the possibilities of merging cultural knowledge with everyday survival, showcasing resilience as a lived reality. Theoretically, the research offers an insider perspective, positioning myself as researcher to honor lived experiences and mitigate traditional negative framings of gang spaces, instead framing them as complex sites of identity and resilience. 

Ultimately, this thesis posits that rangatahi Māori in gang settings are not merely problems to be solved but are agents of hope and strength, rooted in their heritage. Their futures should be shaped by their identities rather than deficits, affirming their tino rangatiratanga and capacities for meaningful contributions within their communities.

year: 2025