Showing papers by "Mahidol University International College published in 2009"
TL;DR: In this article, the authors explore the potential impact of managerial entrenchment through staggered boards on dividend policy and find that firms with staggered boards are more likely to pay dividends. And they also show that the impact of staggered board on dividend payouts is substantially stronger than the effect of all other corporate governance provisions combined.
Abstract: Motivated by agency theory, we explore the potential impact of managerial entrenchment through staggered boards on dividend policy. The evidence suggests that firms with staggered boards are more likely to pay dividends. Among firms that pay dividends, those with staggered boards pay larger dividends. We also show that the impact of staggered boards on dividend payouts is substantially stronger (as much as two to three times larger) than the effect of all other corporate governance provisions combined. Overall, the evidence is consistent with the notion that dividends help alleviate agency conflicts. Thus, firms more vulnerable to managerial entrenchment, i.e., firms with staggered boards, rely more on dividends to mitigate agency costs. Aware of potential endogeneity, we demonstrate that staggered boards likely bring about, and are not merely associated with, larger dividend payouts. Our results are important, as they show that certain governance provisions have considerably more influence than others on critical corporate activities such as dividend payout decisions.
60 citations
TL;DR: In this article, the authors quantify the value of brands and countries of origin in monetary units, and apply a hedonic price model to ascertain the price premiums of these different brands, taking into account their country of origin, since each automobile brand offers several models with distinguishably different features.
Abstract: Purpose – The purpose of this paper is to quantify the value of brands and countries of origin in monetary units. The automobile industry in Thailand is chosen because of the variety of brands and the intense competition within the industry. Both the pick up truck and passenger car market shares have been dominated by Japanese brands for decades, whilst the luxury market has been dominated by German brands.Design/methodology/approach – The data are collected from an authors' survey carried out during the “Thailand International Motor Expo 2007”. A total of 244 models are chosen from 20 brands, and from 7 countries of origin. The hedonic price model is applied to ascertain the price premiums of these different brands, taking into account their countries of origin, since each automobile brand offers several models with distinguishably different features.Findings – The results indicate that different brand names affect consumers' “Willingness to Pay,” in which Mercedes, BMW, and Audi brands are ranked the hi...
55 citations
TL;DR: In this article, the authors simulated the tunneling conductance in a NG/SG graphene junction in which the graphene was grown on a SiC substrate and found that the zero bias normalized conductance becomes persistent at a minimal value of G / G 0 ∼ 1.2.
19 citations
TL;DR: In this paper, the authors attempted to study the development and growth of a knowledge based economy in two developing countries, namely Malaysia and Thailand, by integrating the following variables: 1). government incentives, 2). better human capital, and 3). institutional factors.
Abstract: This paper has attempted to study the development and growth of a knowledge based economy in two developing countries, namely Malaysia and Thailand. A summary of different economic theories states that the best theoretical grounding for a knowledge based economy is the endogenous growth theory. The conceptual framework established for statistically measuring the success of knowledge-based economy comprise of the following variables: 1). innovation, 2). information and communication technology, 3). human resource development and 4). business environment. Recommended additions to the framework were proposed in this paper based on integrating the following variables: 1). government incentives, 2). better human capital, and 3). institutional factors. The last section of the paper proposes policy recommendations and conclusions.
16 citations
TL;DR: Calcium appears to be beneficial in reducing the effects of heavy metal contaminations in aquatic organisms.
Abstract: This study was undertaken to determine whether calcium could render any protection against copper (Cu) toxicity in Nile tilapia with emphasis on histopathological and histochemical analysis. The copper LC50 values for 24, 48, 72, and 96 h to tilapia in the laboratory were 210.27, 213.34, 193.30, and 185. 75 mg/L, respectively. Prior to Cu exposure, fish were exposed to 0 (G1 and G3) and 30 mg/L calcium carbonate (G2 and G4) for 4 days. After that, fish were exposed to 46 mg/L copper, which corresponds to 25% of the 96 h LC50 (G3 and G4) for 96 h and 7 days. In the gills of the copper treatment group, primary filament cell hyperplasia, epithelial lifting, or edema, secondary lamellar fusion, and aneurysm were observed. Swollen hepatocytes showing vacuoles and congestion in sinusoids were observed. Necrosis was observed in some areas. In the kidney, glomerulus’s atrophy, tubular swelling, and also necrosis were seen. Fish that were pre-exposed to calcium showed slight alteration when compared to copper al...
13 citations
TL;DR: The authors discusses the ethnic categories created by the colonial authorities and looks into how these ethnic categories have been -and continue to be -imagined, invented, manipulated, and politicised.
Abstract: Burma faced independence in 1948 as a deeply divided country. The British had ruled the area, which now was declared the ‘Union of Burma’ under two entirely different administrative systems. ‘Burma Proper’ was basically populated by the ethnic Burmans, Arakanese, Mons and Delta Karens, whereas the ‘Frontier Areas’ were populated by the Shan people, Salween Karens, Kachins, Karennis, Chins and various subgroups of the aforementioned. The same year, as independence was granted, the Union of Burma plunged into a civil war, which still continues. This article discusses the ethnic categories created by the colonial authorities and looks into how these ethnic categories have been – and continue to be – imagined, invented, manipulated and politicised. The article looks into how the Burmese authorities dealt with the ethnic diversity in the first constitution of 1947 by dividing the country into ethnically based ‘states’ and ‘divisions’ and how the international community of today continues supporting these colon...
9 citations
TL;DR: In this paper, the authors explore the potential impact of managerial entrenchment through staggered boards on dividend policy and find that firms with staggered boards are more likely to pay dividends and pay them more generously than do those with unitary boards.
Abstract: Motivated by agency theory, we explore the potential impact of managerial entrenchment through staggered boards on dividend policy. The evidence suggests that firms with staggered boards are more likely to pay dividends and pay them more generously than do those with unitary boards. We also show that the impact of staggered boards on dividend payouts is substantially stronger (as much as two to three times larger) than the effect of all other corporate governance provisions combined. Overall, the evidence is consistent with the notion that dividends help alleviate agency conflicts. Thus, firms more vulnerable to managerial entrenchment, i.e. firms with staggered board, rely more on dividends to mitigate agency costs. Aware of potential endogeneity, we demonstrate that staggered boards likely bring about, and are not merely associated with, larger dividend payouts. Our results are important as they show that certain governance provisions have considerably more influence than others on critical corporate activities such as dividend payout decisions.
3 citations
TL;DR: In this paper, the authors investigate the impact of Delaware law on the composition and size of the board of directors and find that Delaware firms have smaller and more independent boards than their non-Delaware counterparts.
Abstract: This study investigates the impact of Delaware law on the composition and size of the board of directors. Our empirical evidence reveals that Delaware firms have smaller and more independent boards than their non-Delaware counterparts. Given that we find no value-premium for firms that incorporate in Delaware, we interpret our findings as being consistent with Delaware law benefiting managers. The more shareholder-friendly boards in Delaware exist to offset the benefits that managers derive from Delaware incorporation.