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Impact of ESG performance on financial performance: a comparison between Malaysia’s FMCG companies and non-FMCG companies
No full textIn addition to becoming a key topic in business, ESG has also emerged as a prominent area of research, particularly regarding the relationship between ESG and financial performance (ESG-FP). Nevertheless, research examining the ESG-FP relationship and sectoral differences in Malaysia, is limited. This article examines the relationship between ESG and financial performance in Malaysia, where ESG initiatives are on the rise but predominantly compliance-driven. This study further examines the different impact of ESG performance on the financial performance of FMCG and non-FMCG firms, as well as the ESG-FP relationship during period of crisis.
A dataset of 83 Malaysian companies from 2021 to 2023, encompassing ESG scores, companies’ data and financial performance indicators such as ROA, ROE, EBIT were collected for quantitative analysis. Quantitative analysis including Pooled regression analysis and predictive margins analysis were conducted using STATA to provide a comprehensive understanding of ESG-FP relationship as well as sectoral and contextual dynamics. Financial performance in this study is measured by ROA and ROE where EBIT is measured in robustness test. The findings indicate that ESG performance does not consistently result in improved ROA or ROE, as total assets or total equity may reduce the effect of increased EBIT. While sectoral dynamics were evidenced by a significant positive correlation between ESG and ROE for FMCG companies, ESG performance was found to be insignificant in stabilizing financial performance during a period of crisis
This paper enhances the literature by emphasizing the complex and context-dependent nature of the ESG-FP relationship in Malaysia. It underscores the necessity for businesses to align their ESG integration and strategies with sectoral characteristics to optimize the returns on their ESG investments. This finding also provides valuable insights for policymakers in customizing ESG policies and public awareness campaigns to promote broader adoption across the nation
iFlexIELTS: an AI-driven IELTS test prep centre in Vietnam
No full textThis report presents a complete business plan for iFlexIELTS, a unique mix of cost-effectiveness, technology-enhanced efficiency, human capabilities, and tailoring based on learning styles. This enables iFlexIELTS to provide the most effective IELTS preparation outcomes conveniently online.
iFlexIELTS offers:
● Competitive Pricing: Enabling a broader audience to access high-quality IELTS preparation.
● Hybrid Learning Model: Achieving optimal efficiency and effectiveness by dividing instruction between AI-driven and expert human instruction in an 80/20 ratio.
● Flexible Online Format: Enabling students to prepare for the IELTS exam on their schedules from any location with internet access.
● Personalised Curriculum: Customising study plans to meet the individual requirements of each learner, with a particular focus on their Visual, Auditory, or Kinesthetic (VAK) learning styles.
● Adaptive Technology: Using artificial intelligence (AI) to optimise and adjust each student's learning path following their performance and progress.
iFlexIELTS targets IELTS test takers, the world's most trusted test of English, with over 10,000 tests taken daily in 2022 (IELTS, 2023) and more than four million test takers in 2023 (IELTS, 2024). iFlexIELTS will enter the Vietnamese market first since, according to Worldometer (2024), Vietnam's population is over 100 million, ranked 16th in the world, a potential market. iFlexIELTS projects to have 414 IELTS learners for the first year with approximately 70,000 USD in total revenue. iFlexIELTS expects to train 15,000 IELTS test takers with 1.27 million USD in revenue in year six to turn profitable. iFlexIELTS hopes to grow the business to other Southeast Asian countries such as Thailand, Indonesia, and Malaysia, where they have demands to take IELTS tests in year 3 of the business.
iFlexIELTS will start with three co-founders: a Chief Technology Officer (CTO) who takes care of technology solutions, a Chief Marketing Officer (CMO) in charge of Marketing and Sales, and a Chief Executive Officer (CEO) handling the rest of the business operations. The founders have several years of experience working in the global environment and understand the value of English proficiency. iFlexIELTS requires the funding of 218,000 USD for the first two years, and the money comes from the founders’ investments. Since June 2024, iFlexIELTS has executed a few digital marketing activities to attract leads. iFlexIELTS currently has five people signed up on the waitlist to attend the program courses. The startup is set to launch the first course officially in July 2025
Investigation of PBF-LB stainless steels and lattice structures for crashworthiness applications
Get PDFEffect of enteric disorders on the growth, age at first calving and first lactation performance and survival of Holstein Friesian heifers
Get PDFThe UK dairy industry needs to work toward net zero greenhouse gas emissions and elimination of antimicrobial treatment of livestock by 2050. Dairy herd replacements are one of the greatest economic, feed, and carbon footprint (CO2-eq.) costs of milk production, which can be lowered by reducing the age at first calving (AFC), and herd replacement rate (RR) by improving preweaning (PRW) calf health, average daily growth (ADG), feed conversion efficiency (FCE) first lactation milk (FLM) yield and survival. This study aimed to evaluate the incidence and effect of enteric disorders (ED), which required oral rehydration therapy PRW, on the ADG, FCE, AFC, FLM yield, and survival of Holstein Friesian dairy heifers (DH) using 60 DH calves (n-30) that were not treated for ED (NTED) and (n=30) that were treated for ED (TED) PRW. Milk replacer (MR) intake (P=0.030), dry matter intake (P=0.037), ADG (P<0.001), FCE (P=0.047) PRW and weaning weight (WW) (P<0.001), mature weight (MW) (P=0.002) and live weight (LW) (P=0.003) at 12 mo., MW and LW (P=0.002) at first calving, FLM yield (P=0.018), and survival from birth to second lactation (P=0.031) was greater in DH NTED than TED. The AFC (P=0.004), postpartum (pp) interval to first insemination (P=0.007), pp insemination per conception (P=0.066), cost (P=0.004) and CO2-eq./ d calving interval (P=0.049) were lower in DH calves NTED than TED. Calf starter concentrate, chopped cereal straw, and water intake, age at first insemination and conception, body condition score (BCS) at parturition, and pp change in BCS did not differ between DH NTED and TED PRW. In conclusion, the incidence of ED was high, but DH NTED had greater PRW MR, DMI, and ADG, WW. LW and MW at 12 mo. of age, a lower AFC and greater LW and MW first calving, FLM, component yield, and survival rate to second lactation than DH TED PRW
Quantifying Data Quality and Its Impact on Functional Brain Imaging Experiments
Get PDFFunctional Magnetic Resonance Imaging (fMRI) is a widely-used tool in neuroscience research. While there is general agreement on what imaging sequences and methods work best overall, there is much less agreement and consistency on how particular parameter choices are made. These parameter choices can have an effect on data quality, which can negatively affect analysis of this data. It is therefore important to characterise this effect. The thesis investigates the impact of image acceleration techniques on fMRI data quality, quantified using temporal Signal-to-Noise Ratio (tSNR), and explores how these effects vary across different brain regions. The thesis then investigates the impact of higher levels of Gaussian noise and head motion on an important and widely adopted analysis method: population Receptive Field (pRF) analysis. Assessment of the effects of applying image denoising to fMRI data are also investigated throughout.
Chapter 3 presents development and use of the fMRI ROI Analysis Tool (fRAT), software designed to provide a comprehensive Region-of-Interest (ROI) analysis toolset for fMRI data. fRAT addresses the lack of existing fMRI tools making it easy to analyse multiple ROIs with data quality metrics. This tool enables researchers to easily study spatial variations in the relationship between scanning parameters and data quality. The software's features, including statistical analysis and data visualisation capabilities are detailed, and current and potential future applications are highlighted.
Chapter 4 uses fRAT to characterise the effect of hardware (3T Philips Achieva and 3T Philips Ingenia), image acceleration (in-plane SENSE factor and through-plane Multiband factor) and a post-hoc denoising technique (using NOise reduction with DIstribution Corrected [NORDIC] PCA) on data quality across a selection of regions of interest: the Frontal Pole, the posterior Inferior Temporal Gyrus and the Occipital Pole. The relationship between these variables was found to vary between these regions, supporting the idea that region-wise data quality (tSNR) reporting provides important information.
Chapter 5 evaluates the robustness of pRF analysis in the visual domain to decreased levels of tSNR and increased levels of participant motion through adding simulated thermal noise and head motion to a pre-existing pRF dataset collected in stroke patients [@behLinkingMultiModalMRI2021]. Work in this chapter also makes use of fRAT to first quantify noise levels and then provide a convenient way to manipulate the data before pRF analysis. It is shown that in general, pRF analysis is more robust to the addition of head motion than to noise, with the polar angle of the pRF estimates being the property most consistently affected by these factors.
Overall, this thesis provides a detailed analysis of the spatially dependent effects of image acceleration on fMRI data quality and underscores the practical consequences of changes in the level of data quality and motion in pRF analysis. The findings aim to inform best practices when conducting fMRI research, and importantly, the software developed within this thesis has been made open-source with usage tutorials to enable it to be used across a wide range of applications in future research
Unravelling the ESG-volatility nexus: a panel data analysis of Malaysia market
No full textIn an era of heightened investor scrutiny and evolving market dynamics, the relationship between Environmental, Social, and Governance (ESG) performance and stock price volatility warrants in-depth investigation, especially in emerging markets such as Malaysia. This study addresses a critical gap in the Malaysian context, where research on ESG has predominantly focused on firm value and financial performance. This study aimed to investigate the relationship between ESG performance and stock price volatility in the Malaysian stock market, utilizing panel data analysis techniques on 1,800 firm-month observations. Given the rapid growth and evolving regulatory landscape of the Malaysian stock market, a deeper understanding of how ESG factors influence market risk is of paramount importance for all stakeholders.
The analysis reveals a statistically insignificant relationship between within-firm changes in ESG performance and stock price volatility in the Malaysian context. While larger firm size and higher price-to-earnings ratios emerged as significant predictors of lower volatility, the book-to-market ratio did not demonstrate a significant relationship in the panel data models. These findings suggest that, in the current Malaysian market, the risk-mitigating benefits of improved ESG performance may not be fully recognized or priced by investors, or that the within-firm variation in ESG scores is not substantial enough to be statistically detected. This study contributes to the literature by providing empirical evidence on the ESG-volatility nexus in an emerging market context.
The findings have implications for investors, companies, and policymakers in Malaysia, highlighting the need for a more nuanced understanding of the role of ESG in financial markets and emphasizing the importance of robust ESG reporting and integration practices. Future research directions are also suggested, including exploring non-linear relationships, considering interaction effects with other firm characteristics, and investigating the role of contextual factors in shaping the ESG-volatility dynamics
Large-Scale Computation and Prediction of Sulfinate-Mediated C-H Functionalisation Regioselectivity
Get PDFSulfinate-mediated radical C–H functionalisation reactions are widely used for the modification and diversification of scaffolds in drug discovery. However, prediction of the regiochemistry in these reactions can be challenging. For a given substrate, there may be multiple sites of reaction, each with its own unique steric and electronic environment. Here we present Rega, an automated transition state searching program for the prediction of regioselectivity from inexpensive HF/6-31G* activation energies. We show that in a set of 23 compounds, the regioselectivity is correctly identified in 22 cases (reactivity correctly identified for 65/68 potential sites of reaction). The easy-to-use and modular Rega workflow allows reaction exploration of multiple substrates simultaneously, enabling the generation of a synthetic dataset of 490 compounds consisting of 2780 sites with labelled reactivity for this reaction for use in machine learning models. Rega is designed to be readily extensible to other reaction systems and can be applied to many other reaction classes in which a radical intermediate is formed as the regiochemistry determining step. From the generation of this dataset, machine learning was applied to predict regioselectivity in both regression and classification tasks
Investigating Plastic Degradation and Spatio-Temporal Microplastic Accumulation in Sediments of the Thames Estuary (UK), its Tributaries, and its Salt Marshes
No full textContext
Plastics are diverse, widespread materials used across a range of sectors from packaging to construction. However, their durability allows them to be preserved in the environment and slowly weather into increasingly small particles. Microplastics are any plastic particle less than 5 mm in size, and they have been found to accumulate in environments across the globe. River networks are known to be plastic transport corridors, and coastal estuaries in particular are thought to contain high a high abundance of microplastics, although understanding of microplastic behaviour and accumulation trends remains limited.
This thesis presents the first record of microplastic sediment storage in the Thames estuary (UK), its tributaries and salt marshes, with the aim of identifying spatio-temporal trends in microplastic storage behaviour within transitional urban-industrial estuarine environments. Additionally, degradation pathways of polystyrene plastics exposed to different environmental conditions will be explored with the aim of understanding the mechanisms and timescales behind the aging of plastic waste and their breakdown in the environment. Finally, the utility of computed tomography (CT) in the study of microplastics in sediments will be explored as a novel non-destructive screening approach.
Methods
Firstly, the chemical degradation of polystyrene was tracked monthly using Fourier-transform infrared (FTIR) spectroscopy through attenuated total reflectance (ATR) over a period of 24 months under a combination of treatments that compared the effect of solar irradiation and soil interaction on the degradation rate. Microplastic sediment accumulation was then quantified across the Thames estuary, three of its tributaries (Barking Creek, Bow Creek, and the River Medway) and two of its salt marshes (Swanscombe and Rainham salt marshes) through the examination of surface sediment and sediment core transects via density separation methods. Finally, a suite of experimental cores were scanned using CT scanners. These were artificially layered and spiked sediment cores with different types and sizes of microplastics, plus two environmental samples.
Results
FTIR spectrum absorbance at native peaks and analysis of the carbonyl index indicated that after 24 months of exposure, polystyrene cup lids exposed to natural ultraviolet (UV) sunlight were more degraded than samples that were buried and not exposed to UV. Variations in the degradation rate across the year were also identified, suggesting that it was closely related to seasonal cycles in temperate regions. A multiple regression found that soil temperature (discarding measurements of site UVB and rainfall rate) was the best model for predicting degradation rate (via the carbonyl index) of the polystyrene treatment surface without shade (P = 0.002). In the next chapters, work to investigate microplastic abundance in the Thames estuary found microplastics in all samples, with a dominance of low-density plastic types. However, the abundance of microplastics varied both between sites and with depth, indicating spatio-temporal heterogeneity across the estuary. Microplastic abundance in the estuary was found to be controlled by an urbanisation-distance gradient (P = 0.03, linear regression), specific site hydrodynamics, and human activity. For example, combined sewer overflows (CSOs) were characterised as significant sources of microplastic fibres and therefore hotspots of accumulation. A correlation between microplastic abundance and total organic carbon (TOC %) in the estuary surface sediment was also established (P = 0.004, linear regression).
A linear regression comparing the abundance of microplastics in tributary transects of Barking and Bow Creeks was not statistically significant and had opposite trends, suggesting that more complex factors were affecting abundance and creating dynamic sediment systems in these environments (P <0.001 Barking Creek, P = 0.056 Bow Creek, linear regressions). Analysis of sediment cores at Swanscombe and Rainham salt marshes suggested that microplastic accumulation was influenced by elevation-distance and vegetation zone, with the high marsh zone containing a higher abundance of microplastics compared to the intertidal zone (P = 0.002 Swanscombe salt marsh when excluding sample TS2, P = 0.026 Rainham salt marsh, both linear regressions). High marsh zones were also found to act as temporal indicators of microplastic accumulation, showing increases in microplastic abundance within each sediment slice since the 1960s for all four radiometrically dated cores, mirroring increasing historical plastics production trends. A statistically significant relationship was identified between microplastic abundance and sediment depth on both salt marshes (P < 0.001 for 3 cores, and for TS4 P = 0.026, all linear regression). Finally, the suite of CT scans revealed that the technique presents a promising opportunity to investigate sediment microplastics with wide scope for further research. Large microplastic particles could be digitally isolated in randomly spiked artificial cores, and environmental cores were able to highlight the contextual data lost using conventional microplastic isolation techniques.
Main Conclusions
Ultimately, this investigation makes significant progress into understanding microplastic abundance within the Thames estuary and their spatio-temporal accumulation trends in tidal urban-industrial estuaries. Wider discussion indicated further study should expand upon this knowledge base to fully elucidate microplastic behaviour in estuaries, using interdisciplinary projects to contextualise a wider pollutant base and inform effective future microplastic management strategies
Biodegradation of polyethylene using Pseudomonas sp.: developing sustainable processes for a circular economy
No full textWhile synthetic polymers are valuable and versatile, their durability has led to an increasing disposal challenge. Current routes for plastic waste are limited to landfill, incineration and mechanical recycling. Biological recycling utilises microorganisms and enzymes to degrade plastic, producing sustainable chemical products. This project focuses specifically on polyethylene (PE), due to the significant contribution (~26 %) PE makes to the global plastic market. Additionally, polyolefin degradation is less understood compared to other plastic degradation.
Environmental strains have been isolated and screened for their ability to utilise PE as a sole carbon source. One isolate, characterised as a bacterium, showed potential and was further investigated. The process was scaled using 2.5 L bioreactors, which allowed for further chemical and genomic characterisation to help identify the key factors and mechanisms responsible for biodegradation. The PE was studied before and after treatment with the bacteria using analysis such as scanning electron microscopy imaging, Fourier-transform infrared spectroscopy, weight loss, differential scanning calorimetry and high temperature gel permeation chromatography. This has provided substantial evidence of chemical modifications and significant weight loss after bacterial treatment. The genome sequence along with multi-omic analysis has highlighted metabolites, genes and proteins upregulated on a feedstock of PE powder. These data provided insights which were able to propose a degradation mechanism and suggest the non-metabolic microbial systems involved in PE biodegradation.
This greater understanding was used to explore the enzyme(s) responsible for degradation. A selection of candidates was chosen for investigation using recombinant expression, during a placement with the industrial collaborator on this project, Johnson Matthey. An enzymatic assay to assess activity on PE powder was developed and preliminary data was obtained using the insoluble fraction of the expressed candidates.
Finally, PE biodegradation is unlike other polymers, during the biodegradation process the chemical monomers are not liberated. For this process a blend of different chain length oxidated hydrocarbons was produced. Therefore, to valorise the process the microorganism was engineered to synthesise a specific precursor to bioplastic. Several experiments were used to confirm the successful engineering. The targeted product could not be detected analytically, possibly due to a competing pathway, but an unidentified, potential intermediate was detected. This also presented an opportunity to scale the process further using 10 L bioreactors.
Overall, this project started by isolating a bacterium from the environment and ended with considerable evidence of a novel bacterium performing PE biodegradation at an unreported scale and efficiency. Detailed analysis was used to gain a greater understanding of the degradation mechanism. These advancements in PE biodegradation have moved research and industry closer to a sustainable, commercial plastic recycling technology
Enhancing work-life balance: a comparison of generational expectations and organizational practices
No full textThis study investigates generational differences in work-life balance expectations and organizational practices in Singapore's unique multicultural business environment. Through semi-structured interviews with 12 professionals across Generation X, Millennials, and Generation Z, alongside policy makers, the research reveals distinct generational approaches to work-life integration. Generation X participants emphasize family provider roles with evolving spiritual dimensions, Millennials focus on efficiency and clear boundaries, while Generation Z demonstrates the strongest preference for complete work-life separation and digital boundary management. The findings highlight how these differences intersect with Singapore's cultural context, where traditional Asian values of filial piety and collective responsibility create additional dimensions to work-life balance expectations.
The research identifies management attitudes as more critical than formal policies in effective implementation, with significant variations in organizational support across different workplace contexts. Cultural accommodations, particularly for religious practices and family obligations, emerge as important considerations in Singapore's diverse workforce. Industry-specific requirements significantly shape the feasibility of flexible work arrangements, with 24/7 operational environments presenting unique challenges. The study also reveals that pandemic experiences have accelerated flexibility acceptance, particularly among Generation X participants previously resistant to remote work options.
Based on these findings, the research proposes an integrated framework for developing inclusive work-life balance strategies that accommodate generational differences while maintaining operational effectiveness. Key recommendations include management training on generational variations, flexible policy frameworks with outcome-based performance metrics, sophisticated technology integration approaches, cultural sensitivity in implementation, and cross-generational collaboration programs. These insights contribute to both theoretical understanding of how cultural context influences generational work-life balance expectations and practical guidance for organizations seeking to develop inclusive policies in Singapore's evolving workplace landscape
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