This paper aims to investigate the extent to which Malaysian small- and medium-sized enterprises （SMEs） adopted corporate governance （CG） principles and their effects on firm performance. The principles examined i...This paper aims to investigate the extent to which Malaysian small- and medium-sized enterprises （SMEs） adopted corporate governance （CG） principles and their effects on firm performance. The principles examined included： establishing clear roles and responsibilities; strengthening composition; and reinforcing independence. The paper is based on a questionnaire survey study among 113 SMEs that consisted of 35% （39） of manufacturing and related services and 65% （74） from services including information and communication technology （ICT）, primary agriculture, construction, mining, and quarrying. The analysis of the data indicates that 32% of the respondents said that the primary reason why they have their own business is to have control over their own working life. This fmding appears to confirm the f＇mancing theory that SMEs owners have other goals than profitability. In addition, 30% of SMEs perceived that the most important role played by the board is risk management; hence, these boards have a greater control over financial risks that may lead to better financial performance. The analysis also shows that 81% of the respondents＇ board consisted of internal board members only. These enterprises need to see the important role of external board members as a source of advice providers and experts to them. For policies relating to clear roles and responsibilities of board, only 28% of the respondents established clear functions reserved for the board and those delegated to management; substantial respondents did not draw up policies relating to reinforce board independency （between 75% and 79%） and to strengthen board composition （46%）. Besides, 68% of the respondents have the position of chairman and CEO held by same individuals and 81% of the chairman is an executive member of the board. These findings suggest that SMEs cannot see the importance of strengthening board and having independent board members. Regression analysis also indicates that board independence has a significant and positive impact on firm performance. Hence, SMEs need to appreciate networking advantages, competency, and strategic knowledge that the right board can offer. The governmental ministries and agencies in Malaysia need to take active measures to encourage SMEs to strengthen their board governance, because SMEs are the important economic powers for stimulating national economic growth. This paper contributes to the empirical literatures on the adoption of CG principles and their effects on SMEs＇ firm performance in emerging markets.展开更多
Changes of subaqueous topography in shallow offshore water pose safety risks for embankments,navigation,and ports.This study conducted measurements of subaqueous topography between Datong and Xuliujing in the Yangtze ...Changes of subaqueous topography in shallow offshore water pose safety risks for embankments,navigation,and ports.This study conducted measurements of subaqueous topography between Datong and Xuliujing in the Yangtze River using a Sea Bat 7125 multi-beam echo sounder,and the channel change from 1998 to 2013 was calculated using historical bathymetry data.The study revealed several important results:(1)the overall pattern of changes through the studied stretch of the river was erosion–deposition–erosion.Erosion with a volume 700×10~6m^3occurred in the upper reach,deposition of about 204×10~6m^3occurred in the middle reach,and erosion of about 602×10~6m^3occurred in the lower reach.(2)Dunes are the most common microtopographic feature,accounting for 64.3%of the Datong to Xuliujing reach,followed by erosional topography and flat river topography,accounting for 27.6%and 6.6%,respectively.(3)Human activities have a direct impact on the development of the microtopography.For instance,the mining of sand formed holes on the surface of dunes with lengths of 20–35 m and depths of 3–5 m.We concluded that the overall trend of erosion(net erosion volume of 468×10~6m^3)occurred in the study area mainly because of the decreased sediment discharge following the closure of the Three Gorges Dam.However,other human activities were also impact factors of topographic change.Use of embankments and channel management reduced channel width,restricted river meandering,and exacerbated the erosion phenomenon.展开更多
文摘This paper aims to investigate the extent to which Malaysian small- and medium-sized enterprises （SMEs） adopted corporate governance （CG） principles and their effects on firm performance. The principles examined included： establishing clear roles and responsibilities; strengthening composition; and reinforcing independence. The paper is based on a questionnaire survey study among 113 SMEs that consisted of 35% （39） of manufacturing and related services and 65% （74） from services including information and communication technology （ICT）, primary agriculture, construction, mining, and quarrying. The analysis of the data indicates that 32% of the respondents said that the primary reason why they have their own business is to have control over their own working life. This fmding appears to confirm the f＇mancing theory that SMEs owners have other goals than profitability. In addition, 30% of SMEs perceived that the most important role played by the board is risk management; hence, these boards have a greater control over financial risks that may lead to better financial performance. The analysis also shows that 81% of the respondents＇ board consisted of internal board members only. These enterprises need to see the important role of external board members as a source of advice providers and experts to them. For policies relating to clear roles and responsibilities of board, only 28% of the respondents established clear functions reserved for the board and those delegated to management; substantial respondents did not draw up policies relating to reinforce board independency （between 75% and 79%） and to strengthen board composition （46%）. Besides, 68% of the respondents have the position of chairman and CEO held by same individuals and 81% of the chairman is an executive member of the board. These findings suggest that SMEs cannot see the importance of strengthening board and having independent board members. Regression analysis also indicates that board independence has a significant and positive impact on firm performance. Hence, SMEs need to appreciate networking advantages, competency, and strategic knowledge that the right board can offer. The governmental ministries and agencies in Malaysia need to take active measures to encourage SMEs to strengthen their board governance, because SMEs are the important economic powers for stimulating national economic growth. This paper contributes to the empirical literatures on the adoption of CG principles and their effects on SMEs＇ firm performance in emerging markets.
基金supported by the National Natural Science Foundation of China (Grant Nos. 51761135023 & 41476075)the China Geological Survey (Grant No. DD20160246)
文摘Changes of subaqueous topography in shallow offshore water pose safety risks for embankments,navigation,and ports.This study conducted measurements of subaqueous topography between Datong and Xuliujing in the Yangtze River using a Sea Bat 7125 multi-beam echo sounder,and the channel change from 1998 to 2013 was calculated using historical bathymetry data.The study revealed several important results:(1)the overall pattern of changes through the studied stretch of the river was erosion–deposition–erosion.Erosion with a volume 700×10~6m^3occurred in the upper reach,deposition of about 204×10~6m^3occurred in the middle reach,and erosion of about 602×10~6m^3occurred in the lower reach.(2)Dunes are the most common microtopographic feature,accounting for 64.3%of the Datong to Xuliujing reach,followed by erosional topography and flat river topography,accounting for 27.6%and 6.6%,respectively.(3)Human activities have a direct impact on the development of the microtopography.For instance,the mining of sand formed holes on the surface of dunes with lengths of 20–35 m and depths of 3–5 m.We concluded that the overall trend of erosion(net erosion volume of 468×10~6m^3)occurred in the study area mainly because of the decreased sediment discharge following the closure of the Three Gorges Dam.However,other human activities were also impact factors of topographic change.Use of embankments and channel management reduced channel width,restricted river meandering,and exacerbated the erosion phenomenon.
