An initial public offering (IPO) of equity provides a significant source of finance for Malaysian companies. Due to the existence of inequalities of wealth within Malaysian society as a result of its colonial heritage, the government has used IPOs to redistribute wealth among ethnic groups with the main objective being to increase the involvement of the Bumiputera (local indigenous people) in the corporate sector. This thesis consists of three inter-related studies on Malaysian IPOs that were listed on the Bursa Malaysia (formerly known as the Kuala Lumpur Stock Exchange) during the period 1990 to 2000. In particular, this study investigates post-IPO performance using alternative performance approaches (market-based and accounting-based) and the earnings management explanation for observed performance. The results from the first study indicate that Malaysian IPOs significantly overperform their benchmarks when performance is measured using both equally-weighted cumulative abnormal returns (CARs) and buy-and-hold abnormal returns (BHARs), except when matched companies are used as the benchmark. However, this significant overperformance disappears when returns are calculated on a value-weighted basis and also when Fama-French (1993) three-factor regressions are employed. Cross-sectional analysis reveals differential performance related to year of listing, issue proceeds and initial returns. The results from the second study using accounting-based measures provide strong evidence of declining operating performance in the IPO year and up to three years following an IPO. The year-to-year analysis reveals that the declining performance is greatest in the year immediately following the IPO. The deterioration in performance is more pronounced when accrual-based operating performance measures are used. The difference in the results using accrual-based and cash flow-based approaches suggests the existence of earnings manipulation by the IPO manager. The investigation of the possible sources of operating performance changes suggests that post-IPO declines in asset turnover parially explain the poorer operating performance. Univariate analysis of the association between family relationships, retained ownership and post-IPO operating performance produces little evidence to explain the deterioration in operating performance. However, underpricing partially explains the deterioration when the cash flow-based performance measure is used. The results from the third study reveal that Malaysian IPO companies employ income-increasing strategies around offerings, and that these strategies were more prevalent during the East Asian crisis period, especially for those companies that provided a profit guarantee. Analysis of the assöciation between the magnitude of earnings management in the IPO year and post-IPO performance provides some evidence to support the view that aggressive earnings management at the time of an IPO subsequently leads to poor stock market and operating performance. Overall, the evidence in this thesis supports the consensus that has emerged from the international debate on studies involving long horizon returns, which suggests that the magnitude of long run performance depends on the method employed to measure performance. The evidence derived from the accounting-based measure of operating performance supports the existing international evidence that operating performance declines following IPOs. The results also provide a degree of support for the earnings management explanation of post-IPO performance. These findings have implications for investors, security analysts, companies and accounting standard setters.

The purpose of the study was to examine the relationship between Malaysian maternal child-rearing practices and preschool children's empathic behavior. This study additionally investigated the relationship between socioeconomic status (SES) and child-rearing practices, as well as explored whether gender differences exist in preschool children's empathy.

This study compares the early employment outcomes of Malaysian graduates who are trained locally versus those who were trained abroad, specifically in universities in the United States and United Kingdom. The study examined the employment outcomes in terms of level of income and job satisfaction. A total of 408 graduates were surveyed for the study. The respondents who were selected randomly nation wide were of similar major of studies. One of the objectives of the study was to find out whether the amount of money spent to train student abroad which can cost up to four times the cost of training students locally is justified. Early research reported that in developing countries, foreign trained graduates were accorded higher income when compared to their counterparts who were trained locally. However, this study indicated that location of study was not significant in explaining the variation of income of graduates. Using regression techniques, the differences in income level was found to be significantly explained by the flowing variables; gender, job, duration, self-esteem, employers' ownership, academic majors and English proficiency. It was also reported that both cohorts of graduates were equally satisfied in their jobs. It was interesting to note that female graduates were also satisfied in theirjobs despite earning less than the males graduates. Job fit index, self-esteem, income, specific self-esteem and satisfaction with university facilities, were found to be significant in explaining the differences in job safisfaction. The study. also compared the attributes and experiences of the two cohorts interms of socio economic and high school background and university and job experiences. It was also reported that there is upward social mobility of graduates as a result of the heavy investment in higher education. The results of the study could be seen as useful, first, to the policy makers in making the right decision in some aspects of investing a large a mount of money in higher education. Secondly, to potential university students in Malaysia, the study will help them to plan their academic careers to suit their future employment opportunities.

Typescript (photocopy). / Digitized by Kansas Correctional Industries

Thesis. 1976. Ph.D.--Massachusetts Institute of Technology. Dept. of Political Science. / Microfiche copy available in Archives and Dewey. / Vita. / Bibliography: leaves 389-405. / by Colin MacAndrews. / Ph.D.

Thesis. 1979. Ph.D.--Massachusetts Institute of Technology. Dept. of Urban Studies and Planning. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH. / Bibliography: leaves 536-568. / Ph.D.

This study aims to contribute to an understanding of politically connected audit committees on audit fees and the audit process in an emerging market, using the case of Malaysia. Malaysia offers an interesting and important setting as Malaysian companies are highly concentrated and politically sensitive. In particular, the study seeks to: (i) examine the level of political connections represented in the audit committees associated with the level of audit fees incurred by Malaysian public listed companies; and (ii) examine whether politically connected audit committees have an impact on the audit process. Currently, there is scant evidence on the influence of politically connected audit committees on audit fees and the audit process. The study draws upon agency and resource dependence theories, which suggest that politically connected audit committees serve two important functions: monitoring on behalf of the shareholders, and providing resources to the companies. For the purpose of this study, a mixed method approach (archival data analysis and interviews) has been adopted. Four hypotheses are tested: (1) There is a positive relationship between the proportion of audit committee members who are senior government officers (SGO) and audit fees; (2) There is a positive relationship between the proportions of audit committee members who are politicians and audit fees; (3) There is a positive relationship between the percentage of government shares and audit fees; and (4) There is a positive relationship between audit committee characteristics (independence, size, meeting and financial expertise) and audit fees. In addition, the knowledge obtained from the interviews with Big 4 auditors and members of audit committees from the selected companies provide further insights on the influence of political connections on the audit process. The results of the study indicate that politically connected audit committees (identified by members who are either senior government officers or politicians) have a significant association with the incidence of higher audit fees. This suggests that politically connected audit committees are able to capitalise on their connections to influence companies and create direct demand for the auditors to increase their audit effort, as measured by audit fees. Contrary to expectations, this study did not find a significant relationship between government shares and audit fees. This result may be explained by the fact that government shares are managed by a variety of institutions on behalf of the government, and differences in the objectives and characteristics of the institutions that administer the shares can weaken the demand for higher efforts from auditors. An in-depth analysis of the interviews further reveals that political connections do affect the audit process. It appears that the existence of political connections leads to an increase in audit work such in a variety of ways, such as auditor-client negotiations, private meetings with audit committees and re-engineering the scope and planning of the actual audit work. One of the issues that emerges from these findings is that companies highly value political connections to obtain external resources given the uncertainties in the business environment. Also, the findings highlight the need for stronger corporate governance to mitigate the higher inherent audit risks in politically connected companies.

Abstract not available

[Abstract]: The study of business ethics is an area that has gained a lot of attention around the world and is an ever-growing one in light of the many corporate scandals that have rocked economies in many countries around the globe. In many of the cases concerning corporate scandals, many have taken place in developed nations, and authors have devoted much attention to investigating the possible causes, including those that analyse the problem from an individual’s ethical behaviour standpoint.As a developing nation, Malaysia has seen its share of corporate irregularities, and accusations of breaches of ethical conduct by those who have an interest in corporate transparency and governance have made local headlines. What factors or determinants influence an individual’s ethical behaviour would be useful in these cases, but a dearth of studies from a Malaysian context does not allow this analysis to take place.Therefore, the purpose of this exploratory study is to examine the impact of certain determinants on the perceptions of ethical behaviour of corporate managers in Malaysia. The demographic and situational determinants used in this study -- such as age, gender, level of education, and the presence of a code of ethics in the organisation -- are those commonly scrutinized in attempts to understand individual ethical behaviour.Information analysed quantitatively was obtained from a self-administered questionnaire distributed by e-mail to 750 individuals who are corporate managers in Malaysia.It is hoped that this study contributes to knowledge by assisting Malaysian managers to understand the factors that affect individual ethical behaviour and designing relevant policies and procedures that take the results of this study into account.

[No Abstract]