Main Board Research Articles

Empirical Analysis on Financing Constraints of SMEs of China— Proofs from Pre-IPO three Years’ Panel Data of China’s Listed Companies Listed in 2015

Because of defects of financial system of supporting Small and Middle Enterprises (SMEs) and the deficiencies of SMEs itself, China’s SMEs are facing more serious financing constraints than big enterprises. Using cash-cash flow sensitivity coefficient as proxy variable, we make use of pre-IPO (Initial Public Offerings) three years’ panel data of China’s firms listed in 2015, empirically analyze the financing constraints condition of SMEs of China. The study has the following findings: firstly, China’s listed firms are facing common financing constraints before IPO, among them, firms listed on the main board are facing lesser financing constraints before IPO, firms listed on the GEM (Growth Enterprise Market) are facing relatively serious financing constraints before IPO, firms listed on the small and medium-sized board are facing the most serious financing constraints before IPO; secondly, through group regression according to fixed assets scale, results show that large enterprises are facing the smallest financing constraints, small businesses are facing moderate financing constraints, the medium-sized enterprises are facing the largest financing constraints.

Quality Test of Flexible Flat Cable (FFC) With Short Open Test Using Law Ohm Approach through Embedded Fuzzy Logic Based On Open Source Arduino Data Logger

A technological development, especially in the field of electronics is very fast. One of the developments in the electronics hardware device is Flexible Flat Cable (FFC), which serves as a media liaison between the main boards with other hardware parts. The production of Flexible Flat Cable (FFC) will go through the process of testing and measuring of the quality Flexible Flat Cable (FFC). Currently, the testing and measurement is still done manually by observing the Light Emitting Diode (LED) by the operator, so there were many problems. This study will be made of test quality Flexible Flat Cable (FFC) computationally utilize Open Source Embedded System. The method used is the measurement with Short Open Test method using Ohm’s Law approach to 4-wire (Kelvin) and fuzzy logic as a decision maker measurement results based on Open Source Arduino Data Logger. This system uses a sensor current INA219 as a sensor to read the voltage value thus obtained resistance value Flexible Flat Cable (FFC). To get a good system we will do the Black-box testing as well as testing the accuracy and precision with the standard deviation method. In testing the system using three models samples were obtained the test results in the form of standard deviation for the first model of 1.921 second model of 4.567 and 6.300 for the third model. While the value of the Standard Error of Mean (SEM) for the first model of the model 0.304 second at 0.736 and 0.996 of the third model. In testing this system, we will also obtain the average value of the measurement tolerance resistance values for the first model of - 3.50% 4.45% second model and the third model of 5.18% with the standard measurement of prisoners and improve productivity becomes 118.33%. From the results of the testing system is expected to improve the quality and productivity in the process of testing Flexible Flat Cable (FFC).

Research and Implementation of Message Queue on Key Event Processing

As electronic technology products continue to expand the control panel buttons, there are hundreds of buttons, and different types of buttons. In this paper, the advantages and functions of message queue in the processing of key events are analyzed in detail. Proposed bond between the control board and the control board to pass key information through SPI communication method, and implemented in Free ROTS(embedded operating systems) use a variety of different message queue management of key events, and in response to key events. The conclusion is that the main control board chip can use software to classify the key events by message queue.

Determinants of Long-run Performance of Initial Public Offerings: Evidence from India

The article examines the long-run performance of 377 initial public offerings (IPOs) made by Indian companies during the period 2005–2015. The objectives of the article are to analyze whether Indian IPOs underperform or outperform the broad market in the long run and to identify the key determinants of their long-run performance. The results show that the Indian IPOs outperform the broad market initially followed by significant underperformance in the long run. The IPOs listed on the main board during 2005–2015 yielded average initial excess returns (IERs) of about 22 per cent. However, 37 per cent of the IPOs provided negative IERs. The IPOs underperformed the broad market generating –57.33 per cent buy-and-hold abnormal return (BHAR) over 36 months after listing. Only 38 out of 377 IPOs (10 per cent) outperformed the benchmark index over a 36-month holding period. The important issue characteristics that influence the long-run performance of IPOs in India are the type of issuer (government-owned or private), lead manager prestige (LMP), promoter holding and the issue size.

Comparative Study on Asset Pricing Models in Explaining Cross Sectional Variation of Stock Returns in the Colombo Stock Exchange

This study intends to identify the better model in explaining variations of average stock returns of listed companies in the Colombo Stock Exchange (CSE) when time series and cross sectional regressions are employed. The sample consists of all stocks listed in the main board of the CSE except Bank, Finance and Insurance Sector during the period from 1997 to 2014. The methodology used to form factor mimicking portfolios to estimate risk factors and portfolio returns is similar to the methodology of Fama and French 1993 and 2012 and to test the performance of asset pricing models Fama and MacBeth (1973) two step procedure is employed. The Gibbons, Ross, and Shanken (GRS) (1989) F-test reveals that the Capital Asset Pricing Model (CAPM) is a poor model whereas the Fama and French (1993) Three Factor Model (FF3FM) and Carhart (1997) Four Factor Model (C4FM) are better models in explaining the cross sectional variations of stock returns of the listed companies in the CSE when time series regressions are employed. Fama-Macbeth t-test reveals that the C4FM is the only valid model in the size-BM sorted portfolios. The C4FM is found to be a superior model and performs better than FF3FM, Reward Beta Model (RBM) and CAPM and also the explanatory power of the FF3FM is comparatively better than both CAPM and RBM in explaining the cross section of stock returns of listed companies in the CSE.

The Effects of Insider Ownership Capital Structure of Main Board Listed Companies

<em>In this paper, researcher tends to discuss the “internal control protects shareholders from agency problem”. The term of insider ownership refer to the shareholders who manage the company as well. In other words, the managers are also the owner of the company. Hence, the conflict of interest between the shareholders and managers will reduce as the higher on concentration insider ownership. In this study, insider ownership expressed as the percentage of the firm’s outstanding share held by the insider. Insider ownership can be classified into outstanding share held by directors, director’s family members (e.g., spouse and siblings), board members and employees’ share option scheme committees. Family or insider groups as a significant shareholder is more likely to be interested in control benefit as well as profit and decision making (Teall, 2007). Small firms usually are higher in insider ownership than outsider control. When a firm expands the business through public listing, the ownership will distribute ownership opportunity to the public. In Malaysia, when go to public listing, the 30% shares must hold by bumiputra. If there are non-bumiputra companies, the companies will gather 30% shares from outsiders who are bumiputra to meet the listing requirement.</em>

Effects of the strain transmission from the main board to the installed electronic components

The paper presents research of mechanical strain in printed circuit board functional assemblies, which are parts of electronic packages in modern machines and mechanisms. The strain is caused by external impacts that occur in manufacturing and exploitation conditions. The paper studies effects of the strain transmission from the main board to the installed electronic components, such as integrated circuits, discrete components, adapters, sockets, connectors, electronic modules etc.: mount stress in elec-tronic components; strain effect of electronic component installation technologies; strain effect of integrated circuit installation technology; the influence of the main board load duration on the strain in mounted electronic modules; the strain in contact pads produced by bending of the main board. Acceptable limit specification method for main board warpage is developed.DOI: http://dx.doi.org/10.5755/j01.mech.22.6.16891

Architecture of EVT4 data acquisition system for electrical capacitance tomography

Abstract An EVT4 system for electrical capacitance tomography, which enables fast data acquisition and a high frame rate for dynamic process imaging, is presented. A hardware architecture based on distributed control logic and multi-gigabit transmission is proposed. The multi-channel system consists of front-end measurement boards, data read-out boards and a main board. The front-end analogue board is equipped with 4 transmitter-receiver channels, each with an individual ADC. Data transmission between the read-out and the main board is performed using SATA standard allowing high speed data transfer and modules synchronization. The system can be equipped with up to 8 front-end boards (up to 32 channels). The embedded software installed in the programmable logic devices ensures the flexibility of the system and offers the opportunity to explore different methods of capacitance measurement using different front-end boards. The control logic distributed between the read-out boards and the main board is presented. The system data throughput is discussed. The preliminary results of measurements using 2D tomographic sensor and image reconstruction were presented.

Fast Removal of Polybrominated Diphenyl Ethers from Aqueous Solutions by Using Low-Cost Adsorbents

4-Dibromodiphenyl ether (BDE-3) and 4,4′-dibromodiphenyl ether (BDE-15) are two of the major polybrominated diphenyl ethers used as flame-retardant additives in computer main boards and in fireproof building materials. In this study, we evaluated the potential of three low-cost adsorbents, black tea, green tea, and coconut palm leaf powders, to adsorb BDE-3 and BDE-15 from aqueous solutions. The results showed that pressure steam washing of the adsorbents increased their capacities to adsorb BDE-3 and BDE-15. The maximum adsorption capacities of pressure steam–washed black tea, green tea, and coconut palm leaf powders were 21.85 mg·L−1, 14.56 mg·L−1 and 22.47 mg·L−1, respectively. The results also showed that the adsorption equilibrium (qe) was achieved at 4 min. Moreover, 97.8% of BDE-3 and 98.5% of BDE-15 could be removed by adsorbents pretreated with pressure steam washing. The kinetic data fitted well with a pseudo-second-order equation. The adsorption rate constants (k2) of all pressure steam–washed adsorbents ranged from 8.16 × 10−3 to 6.61 × 10−2 g·(mg·L−1)−1·s−1, and the amount adsorbed at qe by all pressure steam–washed adsorbents ranged from 4.21 to 4.78 mg·L−1. Green alga Chlorella vulgaris was used as the test organism and the median effective concentration values of BDE-3 and BDE-15 were 7.24 and 3.88 mg·L−1, respectively. After BDE-3 and BDE-15 were removed from the solution, their biotoxicities markedly decreased. These findings indicate that these low-cost adsorbents can be used to remove BDE-3 and BDE-15 from aqueous solutions and wastewater.

Monitoring of Solar Radiation Intensity using Wireless Sensor Network for Plant Growing

— Plant growth is highly depending on the sunlight, if the consumption of sunlight is enough, it will grow well. The plant will be green because of its chlorophyll and it can perform photosynthesis at maximum; but if the plants get less sunlight, it will make the plants be yellowing. Radiation is electromagnetic waves that are good for plants, so-called visible light. In the electromagnetic wave spectrum the best wavelength range from 400-700 nm for the plant. A monitoring of sun intensity is needed in order to obtain sufficient solar radiation consumption and provide notification if there is a high radiation. In this study, several sensors and devices were combined such as photosynthetic solar radiation sensors, GSM / GPRS and waspmote as a main board or a microcontroller. The test was carried out on at least three occasions; the system has a stable radiation in the morning with an average of 505.51 micrometers. IN this study, we have successfully developed a monitoring tools for solar radiation intensity applied on plant growth by using wireless sensor network.

Working Capital Management and Profitability: Evidence from Manufacturing Sector in Malaysia

The purpose of this study is to examine the effect of working capital management on firm’s profitability. The study is based on a sample of 164 manufacturing firms listed on the Main Board of Bursa Malaysia, covering a span of five years from 2007 to 2011. A discriminatory panel regression and Pearson correlation are used to test the hypotheses. The empirical evidence found that there is existence of significant positive relationship between exogenous variables, the average collection period, inventory conversion period and firm’s size and its endogenous variable, which is firm’s profitability. The findings also show a significant inverse relationship between debt ratio (leverage) and firm’s profitability, but the firm’s capability to translate working capital into cash promptly, as proxy in log cash conversion cycle has no impact on firm’s profitability.

ETHICAL COMMITMENTS AND FINANCIAL PERFORMANCE: EVIDENCE FROM PUBLICLY LISTED COMPANIES IN MALAYSIA


 This study explores the role of business ethics towards corporate wealth creation and sustainable performance. In the context of Malaysia, the importance of committing to following the highest ethical standards is evidenced by the recommendations and guidelines imposed through the Malaysian Code of Corporate Governance (MCCG) 2012. The perspective from stakeholder theory indicates that commitment towards ethics has multiple, positive impacts to companies. One of the positive impacts, which is a result of being able to gain trust and secure loyalty from their stakeholders, is better financial performance. This study posits that management commitment towards ethics is positively associated with financial performance. Content analysis is used to systematically code and evaluate data from 243 publicly listed firms on the Main Board of Bursa Malaysia in year 2014. The Ethics Commitment Assessments Index (ECAI), which contains 14 items, is used to score commitment towards ethics. Financial performance is represented by return on assets (ROA) and return on equity (ROE). The results show a positive relationship between commitment towards ethics and financial performance. The findings contribute to policy formulation by suggesting that commitment towards ethics should continue to be emphasised by regulators because it is considered by stakeholders in assessing the risk of companies in the capital market.

Corporate Governance & Auditor Choice in Malaysia

The aim of this paper is to investigate the determinants of firm’s auditor choice in Malaysia in respect of their corporate governance mechanisms. A logit regression model was developed to test the impact of firms’ internal corporate governance mechanism on auditor choice decisions made by public listed companies listed on main board of Bursa Malaysia from year 2006 to 2015. Five variables are used to proxy for firm’s internal corporate mechanism which are the ownership concentration, the duality of CEO and chairman of BOD, the size of audit committee, the size of BOD and the number of independent directors on the board. All auditors in Malaysia were classified into Big Four and non-Big Four, assuming Big Four auditors can provide higher quality audit services. The final result show that firms with less concentrated ownership, with larger size of audit committee, larger size of the BOD, with lower proportion of independent directors on the board, or in which CEO and BOD’s chairman are not the same person are more likely to hire a high-quality auditor. Hence, it suggests that when benefits from lowering capital raising costs are trivial, firms with good corporate governance mechanism are prone to choose a high-quality auditor.

Monitoring Corporate Boards: Evidence from China

China’s listed companies have two-tier boards comprising of a supervisory board and a board of directors. The supervisory board has the responsibility to oversee and monitor the board of directors. Similarly, the role of the independent non-executive directors (INEDs) is to advise and monitor directors. In this paper we investigate the main board structure hypotheses namely the scope of operations, monitoring and negotiation hypotheses for a sample of Chinese Initial Public Offerings (IPOs) floated on both the Shanghai and Shenzhen stock exchanges. Our results provide evidence to support the three hypotheses. Interestingly we find that the larger the size of the board of directors, the larger the supervisory board size. Moreover, we find that the higher the proportion of INEDs, the smaller the supervisory board size and this implies that INEDs are perhaps a substituting mechanism for the supervisors’ monitoring role. Finally, we argue that as the Chinese governance structure combines both the German and the Anglo-Saxon models, this creates a conflict between the two boards with respect to the monitoring role. Our results, therefore call for a comprehensive reform in the Chinese governance mechanism.

ОГЛЯД ТА ПЕРСПЕКТИВИ ВИКОРИСТАННЯ ПЛАТФОРМИ ARDUINO NANO 3.0 У ВИЩІЙ ШКОЛІ

The article represents hardware opportunities, advantages and specification of Arduino platform. The author gives functional characteristics of the main accessory boards which are used for functional improving. The comparative analysis of the most popular Arduino platforms is made. The perspectives of this tool implementation are defined. The article points out functional description and engineering specification by the example of Arduino Nano 3.0 platform. The author describes the advantages of Arduino Nano 3.0 platform in comparison with other controllers. ArduinoIDE software is explored. The prospects of the use of microprocessor board in teaching and learning activities are evaluated.

The Role of Managerial Ownership in the Association between Goodwill and Firm Value

This study aims to determine whether managerial ownership of Malaysian firms listed on the main board of Bursa Malaysia moderates the relationship between goodwill disclosure and firm value based on signaling and agency theory. In this quantitative study that uses a deductive approach, the analysis is based on the annual reports of 2,070 firms listed on the Bursa Malaysia website for the years from 2009 through 2011. Multiple regression was applied to analyze the data. The results show a positive and significant relationship between reported goodwill and firm value during these three years. However, when managerial ownership is included as a moderating variable, results show a significant negative association between reported goodwill and firm value. Results should alert Malaysian firms to the importance of understanding investors’ reactions towards a firm’s reported goodwill amounts. A high goodwill amount is not necessarily a good sign about a firm in the presence of high managerial ownership. Elevated levels of managerial ownership may not be seen as positive signs, even for family-owned firms in Malaysia. This is probably because managers are always perceived to be protecting their wealth rather than the firm’s overall wealth.

Implementing Broadcast Channels with Memory for Electronic Voting Systems

To provide universal verifiability, cryptographic voting protocols often require a broadcast channel to spread the election data to the public. The basic requirements on such a broadcast channel are similar for most protocols, for example that the channel maintains a memory of all broadcast messages and that nothing can be deleted from the channel’s memory. In this paper, we provide a formal definition for such broadcast channels with memory and describe their properties. We also analyze the significance of a broadcast channel with memory in cryptographic voting protocols and propose that such a channel is provided in form of a service that we call bulletin board. Based on this service, we analyze some real-world problems that cryptographic voting protocols might have and provide possible solutions. For this we define a generic interface for the main board functionalities, which offers a flexible way of extending the basic properties of a bulletin board to comply with all sorts of additional requirements.

Quality Test of Flexible Flat Cable (FFC) with Short Open Test Using Law Ohm Approach through Embedded Fuzzy Logic Based on Open Source Arduino Data Logger

A technological development, especially in the field of electronics is very fast. One of the developments in the electronics hardware device is Flexible Flat Cable (FFC), which serves as a media liaison between the main boards with other hardware parts. The production of Flexible Flat Cable (FFC) will go through the process of testing and measuring of the quality Flexible Flat Cable (FFC). Currently, the testing and measurement is still done manually by observing the Light Emitting Diode (LED) by the operator, so there were many problems. This study will be made of test quality Flexible Flat Cable (FFC) computationally utilize Open Source Embedded System. The method used is the measurement with Short Open Test method using Ohm's Law approach to 4-wire (Kelvin) and fuzzy logic as a decision maker measurement results based on Open Source Arduino Data Logger. This system uses a sensor current INA219 as a sensor to read the voltage value thus obtained resistance value Flexible Flat Cable (FFC). To get a good system we will do the Black-box testing as well as testing the accuracy and precision with the standard deviation method. In testing the system using three models samples were obtained the test results in the form of standard deviation for the first model of 1.921 second model of 4.567 and 6.300 for the third model. While the value of the Standard Error of Mean (SEM) for the first model of the model 0.304 second at 0.736 and 0.996 of the third model. In testing this system, we will also obtain the average value of the measurement tolerance resistance values for the first model of - 3.50% 4.45% second model and the third model of 5.18% with the standard measurement of prisoners and improve productivity becomes 118.33%. From the results of the testing system is expected to improve the quality and productivity in the process of testing Flexible Flat Cable (FFC).

The experimental and the theoretical analysis of the serviceability behavior of a deployable footbridge

This study presents a new concept of a deployable footbridge. The structural solution of the proposed footbridge comprises two parallel deployable beams as main girders and wooden boards which constitute the deck. The two beams were composed by several softwood blocks bonded to a unidirectional carbon fiber sheets layers by using an epoxy resin. In the first part of this study; we present the principle of the developed deployable footbridge. Thereafter, small-scale section prototype of the footbridge was tested under a vertical static nondestructive load on the Serviceability Limit State. The purpose of the tests is mainly to evaluate the vertical displacement responses under the static load, in every location of the prototype deck. The second purpose of these tests is to verify the deployment of the footbridge. Finally, a theoretical model based on the classical beam theory and on the theoretical structural behavior of the deployable beams was developed. The model presents the theoretical relationship between the load and the vertical displacement, under static loads, in every point of the footbridge. The predicted and the experimental results show a good agreement.

Students design their own curriculum: An experiment to maintain students' enthusiasm

This article was migrated. The article was not marked as recommended. Believing that the most important factor for learning is learner's enthusiasm, we suppose that designing their own curriculum will keep students' enthusiasm alive. Thus, enthusiastic students will be better learners.We were curious about what would have happened if students had the opportunity to design their own curriculum. An online questionnaire, consisting of a main board with all courses and open questions, asked medical students and recent graduates to place all core and option courses in the semester they would like to be taught.79 (8%) of all 993 Ioannina University Medical students participated; 46 (58%) were positive on deciding their own curriculum from the first year; 7%-85% (mean 49.4%) would like to study core courses, and 24%-95% (67.5%) electives, in a different semester.Studying with a personalized curriculum was welcomed. Half of core courses and two thirds of optional were desired to be studied in a different semester than the current curriculum predicts. If all students had participated, the same, if not greater, dispersion would be expected.It's important to give students the opportunity to carve their own course curriculum, in order to keep and increase their enthusiasm, responsibility and accountability, and in order to match with their teachers' enthusiasm.