Artificial Immune Systems (AIS) are intelligent algorithms derived on the principles inspired by human immune system. In this research work, electroencephalography (EEG) signals for four distinct motor movement of human limbs are detected and classified using Negative Selection Classification Algorithm (NSCA). For this study, a widely studied open source EEG signal database (BCI IV - Graz dataset 2a, comprising 9 subjects) has been used. Mel Frequency Cepstral Coefficients (MFCCs) are extracted as selected feature from recorded EEG signals. Dimensionality reduction of (...) data is carried out by applying two hidden layered stacked auto-encoder. Genetic Algorithm (GA) optimized detectors (Artificial Lymphocytes) are trained using Negative Selection Algorithm (NSA) for detection and classification of four motor movements. The trained detectors consist of four sets of detectors, each set is trained for detection and classification of one of the four movements from the other three movements. The optimized radius of detector is small enough not to mis-detect the sample. Euclidean distance of each detector with every training dataset sample is taken and compared with optimized radius of detector as a non-self detector. Our proposed approach achieved a mean classification accuracy of 86.39% for limb movements over 9 subjects with a maximum individual subject classification accuracy of 97.5 % for subject number eight. (shrink)

The ability to initiate DNA replication is a critical step in the proliferation of all organisms. In bacteria, this process is mediated by an ATP‐dependent replication initiator protein, DnaA, which recognizes and melts replication origin (oriC) elements. Despite decades of biochemical and structural work, a mechanistic understanding of how DnaA recognizes and unwinds oriC has remained enigmatic. A recent study by Pelliciari et al. provides important new structural insights into how DnaA from Bacillus subtilis recognizes and processes its cognate oriC, (...) showing how DnaA uses sequence features encoded in the origin to engage melted DNA. Comparison of the DnaA‐oriC structure with archaeal/eukaryl replication origin complexes based on Orc‐family proteins reveals a high degree of similarity in origin engagement by initiators from di domains of life, despite fundamental differences in origin melting mechanisms. These findings provide valuable insights into bacterial replication initiation and highlight the intriguing evolutionary history of this fundamental biological process. (shrink)

This seventh volume of Collected Papers includes 70 papers comprising 974 pages on (theoretic and applied) neutrosophics, written between 2013-2021 by the author alone or in collaboration with the following 122 co-authors from 22 countries: Mohamed Abdel-Basset, Abdel-Nasser Hussian, C. Alexander, Mumtaz Ali, Yaman Akbulut, Amir Abdullah, Amira S. Ashour, Assia Bakali, Kousik Bhattacharya, Kainat Bibi, R. N. Boyd, Ümit Budak, Lulu Cai, Cenap Özel, Chang Su Kim, Victor Christianto, Chunlai Du, Chunxin Bo, Rituparna Chutia, Cu Nguyen Giap, Dao The (...) Son, Vinayak Devvrat, Arindam Dey, Partha Pratim Dey, Fahad Alsharari, Feng Yongfei, S. Ganesan, Shivam Ghildiyal, Bibhas C. Giri, Masooma Raza Hashmi, Ahmed Refaat Hawas, Hoang Viet Long, Le Hoang Son, Hongbo Wang, Hongnian Yu, Mihaiela Iliescu, Saeid Jafari, Temitope Gbolahan Jaiyeola, Naeem Jan, R. Jeevitha, Jun Ye, Anup Khan, Madad Khan, Salma Khan, Ilanthenral Kandasamy, W.B. Vasantha Kandasamy, Darjan Karabašević, Kifayat Ullah, Kishore Kumar P.K., Sujit Kumar De, Prasun Kumar Nayak, Malayalan Lathamaheswari, Luong Thi Hong Lan, Anam Luqman, Luu Quoc Dat, Tahir Mahmood, Hafsa M. Malik, Nivetha Martin, Mai Mohamed, Parimala Mani, Mingcong Deng, Mohammed A. Al Shumrani, Mohammad Hamidi, Mohamed Talea, Kalyan Mondal, Muhammad Akram, Muhammad Gulistan, Farshid Mofidnakhaei, Muhammad Shoaib, Muhammad Riaz, Karthika Muthusamy, Nabeela Ishfaq, Deivanayagampillai Nagarajan, Sumera Naz, Nguyen Dinh Hoa, Nguyen Tho Thong, Nguyen Xuan Thao, Noor ul Amin, Dragan Pamučar, Gabrijela Popović, S. Krishna Prabha, Surapati Pramanik, Priya R, Qiaoyan Li, Yaser Saber, Said Broumi, Saima Anis, Saleem Abdullah, Ganeshsree Selvachandran, Abdulkadir Sengür, Seyed Ahmad Edalatpanah, Shahbaz Ali, Shahzaib Ashraf, Shouzhen Zeng, Shio Gai Quek, Shuangwu Zhu, Shumaiza, Sidra Sayed, Sohail Iqbal, Songtao Shao, Sundas Shahzadi, Dragiša Stanujkić, Željko Stević, Udhayakumar Ramalingam, Zunaira Rashid, Hossein Rashmanlou, Rajkumar Verma, Luige Vlădăreanu, Victor Vlădăreanu, Desmond Jun Yi Tey, Selçuk Topal, Naveed Yaqoob, Yanhui Guo, Yee Fei Gan, Yingcang Ma, Young Bae Jun, Yuping Lai, Hafiz Abdul Wahab, Wei Yang, Xiaohong Zhang, Edmundas Kazimieras Zavadskas, Lemnaouar Zedam. (shrink)

Information of high evidentiary quality plays a crucial role in forensic investigations. Research shows that information provided by witnesses and victims often provide major leads to an inquiry. As such, statements should be obtained in the shortest possible time following an incident. However, this is not achieved in many incidents due to demands on resources. This intersectional study examined the effectiveness of a chatbot (the AICI), that uses artificial intelligence (AI) and a cognitive interview (CI) to help record statements following (...) an incident. After viewing a sexual harassment video, the present study tested recall accuracy in participants using AICI compared to other tools (i.e., Free Recall, CI Questionnaire, and CI Basic Chatbot). Measuring correct items (including descriptive items) and incorrect items (errors and confabulations), it was found that the AI CI elicited more accurate information than the other tools. The implications on society include AI CI provides an alternative means of effectively and efficiently recording high-quality evidential statements from victims and witnesses. (shrink)

Introduction There is a paramount need for moral development for pharmacists and pharmacy students to practice the patient-centered profession. We aimed to explore the current situational judgment utilizing ethical reasoning among undergraduate pharmacy students. Methods A set of ten ethical dilemmas, representing potential real-life situations that the students come across in the university and may face in the future as a pharmacist were developed by a team of students, academic staff, and stakeholders. These ethical dilemmas were validated, checked for accuracy, (...) and piloted. An online questionnaire was created consisting of these ten scenarios as open-ended questions and administered to fourth year and fifth year PharmD students in a public university located at the city of Mecca, Saudi Arabia, asking them how they would react in that situation. Responses of the participants were analyzed using thematic analysis independently by four researchers and inter-rater agreement were achieved through consensus. Results Out of 205, 186 students completed the questionnaire with a response rate of 90.7%. Analysis and resulted in the generation of 32 codes, which were then categorized into seven overarching themes: student engagement, social and professional responsibility, academic integrity, legal obligation, moral obligation, signposting, and moral engagement and patient safety. Conclusions Undergraduate pharmacy students experience complex state of mind in connection with ethical reasoning. The participants’ situational judgment were driven by cultural norm, authority, and responsibility. Student engagement is also affected by the state of mind and feelings of mutual trust, perceived cultural influence and peer pressure. The students were prone to seek help from university administrators or teachers when faced with situations in which they were helpless. (shrink)

Transcendental Ego is the principle of principles that philosophization of great philosophers such as Husserl has been based upon it. Husserl, too, as a follower of Descartes meditations and philosophy with attemption in intentionality of transcendental ego accepts it as the base of principles of philosophization and declares himself as a New Cartesian. In this study, the author develops an original reading of the Cartesian Meditation. This text, far from giving rise to a “Transcendental solipsism”, leads to a constitution of (...) intersubjectivity on various levels (“primordial”, “Intersubjective” et “Objective”). In its center, a “Phenomenological Construction” operates, i.e. a methodological piece that masters the genetic approach of intersubjectivity. Closely following the “almost mathematical” rigour of this crucial text of Husserl’s phenomenology, in this way equally tackles the issue of the constitution of the experience of the other and the truly intersubjective structure of transcendental subjectivity. This study concludes with the metaphysical results of the analysis of the experience of the other. (shrink)

for income tax evasion, but it cannot be defended for pursuing otherwise innocent people. The man responsible for bringing these four cases, Roanoke U.S. Attorney John Brownlee, has defended his actions (Rocktown Weekly, April 27-May 3, 2006, p. 11): “We have to properly track money going overseas so it’s not going to the wrong places.” But, this could be done without this law. Even though 12 agencies investigated these money transfers, led by the FBI, none charged that any went to (...) terrorist groups. “We know you are not the bad guys,” another prosecuting attorney has said. A group of agencies went looking for Middle Eastern Muslim terrorists around here after 9/11. Not finding any, they arrested four anti-Saddam Muslim Kurds, just like autoworkers went after a Chinese-American when they could not find any Japanese to beat up. This is an appalling travesty of justice. These men helped neighbors who needed to send money to families for medical care when there was no other way to do so, there being no banking system in Iraq. These men are all civic-minded, translating for schools, hospitals, and the courts since arriving here. They are being prosecuted for helping their neighbors in times of trouble. In their initial investigations, the FBI inquired whether these men knew Saddam Hussein or Osama bin Laden. This makes as much sense as Abraham Lincoln ordering Union troops to investigate runaway slaves in the North to find out their knowledge of Jefferson Davis or John Singleton Mosby and then prosecuting them for sending money to their families in the South via an illegal method. Citizens of Harrisonburg should express their support for these four men and demand that these charges be dropped. The FBI and the U.S. Attorney’s office in Roanoke should get back to what they are supposed to be doing and stop degrading our American system with such outrageous prosecutions. (shrink)

Whether a collection of scientific data can be explained only by a unique theory or whether such data can be equally explained by multiple theories is one of the more contested issues in the history and philosophy of science. This paper argues that the case for multiple explanations is strengthened by the widespread failure of models in mathematical logic to be unique, i.e., categorical. Science is taken to require replicable and explicit public knowledge; this necessitates an unambiguous language for its (...) transmission. Mathematics has been chosen as the vehicle to transmit scientific knowledge, both because of its “unreasonable effectiveness” and because of its unambiguous nature, hence the vogue of axiomatic systems. But mathematical logic tells us that axiomatic systems need not refer to uniquely defined real structures. Hence what is accepted as science may be only one of several possibilities. (shrink)

This paper interprets John von Neumann's views on the proper role of mathematics in science, with attention to its implications for economics. The evolution of von Neumann's thought over his lifespan, an examination of which is greatly aided by some self-conscious appraisals of von Neumann himself, suggests that von Neumann ended by taking a very pragmatic approach to the use of mathematics. One can almost characterize it as an engineering approach to the philosophy of mathematics since von Neumann takes mathematics (...) to be justified by its applications. This approach, which is surprisingly non-technical and hence accessible to general readers, is then placed in the context of his wider world-view. (shrink)

We survey the meta-ethical tools and institutional processes that traditional Islamic ethicists apply when deliberating on bioethical issues. We present a typology of these methodological elements, giving particular attention to the meta-ethical techniques and devices that traditional Islamic ethicists employ in the absence of decisive or univocal authoritative texts or in the absence of established transmitted cases. In describing how traditional Islamic ethicists work, we demonstrate that these experts possess a variety of discursive tools. We find that the ethical responsa—i.e., (...) the products of the application of the tools that we describe—are generally characterized by internal consistency. We also conclude that Islamic ethical reasoning on bioethical issues, while clearly scripture-based, is also characterized by strong consequentialist elements and possesses clear principles-based characteristics. The paper contributes to the study of bioethics by familiarizing non-specialists in Islamic ethics with the role, scope, and applicability of key Islamic ethical concepts, such as “aims” (maqāṣid), “universals” (kulliyyāt), “interest” (maṣlaḥa), “maxims” (qawā`id), “controls” (ḍawābit), “differentiators” (furūq), “preponderization” (tarjīḥ), and “extension” (tafrī`). (shrink)

Leaders and managers of today''s multinational corporations face a plethora of problems and issues directly attributable to the fact that they are operating in an international context. With work-sites, plants and/or customers based in another country, or even several countries, representing a vast spectrum of cultural differences, international trade and offshore operations, coupled with increased globalisation in respect to political, social and economic realities, contribute to new dilemmas that these leaders must deal with. Not the least of these being a (...) Code of Ethics and ethical decision making.This paper examines the differences in culture between a group of managers from the United States and similar group from Croatia using Hofstede''s theory of International Cultures. The study explores how these cultural dimensions may help in our understanding of the differences in reported whistleblowing. The authors then postulate four hypotheses regarding various aspects of whistleblowing. These Hypotheses were than tested using a survey administered to a sample of U.S.A. and Croatian managers. Finally, the paper discusses the findings and practical implications for contemporary managers in the international arena. (shrink)

Applying the resolution–scale relativity principle to develop a mechanics of non-differentiable dynamical paths, we find that, in one dimension, stationary motion corresponds to an Itô process driven by the solutions of a Riccati equation. We verify that the corresponding Fokker–Planck equation is solved for a probability density corresponding to the squared modulus of the solution of the Schrödinger equation for the same problem. Inspired by the treatment of the one-dimensional case, we identify a generalization to time dependent problems in any (...) number of dimensions. The Itô process is then driven by a function which is identified as establishing the link between non-differentiable dynamics and standard quantum mechanics. This is the basis for the scale relativistic interpretation of standard quantum mechanics and, in the case of applications to chaotic systems, it leads us to identify quantum-like states as characterizing the entire system rather than the motion of its individual constituents. (shrink)

A system of system’s ability to function is derived from the integration of systems from different sources. An SOS’s systems serve two purposes: first, to accomplish their own specific aims, and second, to provide resources to the SOS as a whole. In the last few decades, machine learning and data analytics have been widely used in system design and acquisitions. Every organisation that acquires a sophisticated system employs some type of data analytics to evaluate the system’s independent objectives, which is (...) universally accepted. Data analytics and decision-making regarding the independent system is rarely shared across SOS stakeholders, even though the systems contribute to and benefit from the larger SOS. The goal of this research is to determine how the exchange of data sets and the corresponding analytics by SOS stakeholders can improve SOS capacity. Predicting SOS capabilities by exchanging relevant data sets and prescribing information connections between systems, we propose to use machine learning techniques. This article serves as an intermediate analysis of the above research work and aims to estimate the benefit of information sharing among the SOS stakeholders. In this research, we have applied different machine learning models to the IBM HR analytics data set to determine the corresponding analytics by SOS stakeholders that can improve SOS capacity. We propose using machine learning techniques to forecast SOS capabilities through the sharing of relevant data sets, and we prescribe the information linkages across systems to make this possible. This paper provides an update on the progress being made toward the aforementioned research project, and its primary focus is on developing a method to put a dollar amount on the benefits of information sharing among the many parties involved in the SOS. (shrink)

This paper unravels an unprecedented interplay between board gender diversity (BGD) and corporate environmental, social, and governance (ESG) disputes among Chinese A-share-listed nonfinancial companies from 2017 to 2021. Framed within a knowledge-based and sensemaking perspective of institutional frameworks, the research not only illuminates the profound impact of internal (corporate governance ratings) and external (regional institutional development) institutional factors on this intricate relationship but also brings to light a paradigm-shifting revelation. The study employed a diverse set of empirical tests, ranging from (...) ordinary least squares regression to advanced methods such as the generalized method of moments, two-stage least squares, and propensity score matching, providing a nuanced and comprehensive analysis. The findings highlight the pivotal role of female directors in significantly mitigating ESG disputes. A mechanism analysis further uncovers that internal and external institutional quality are potent positive moderators in shaping the BGD–ESG dispute dynamic. This research has profound implications, providing valuable insights for stakeholders, policymakers, and scholars, offering a comprehensive understanding of how gender diversity fosters sustainability while unravelling the intricate tapestry of internal and external institutional dynamics that shape ESG outcomes. (shrink)

A major part of Ordinary Aesthetics has been to include the traditionally marginalized aesthetic categories excluded when studying beauty, truth, and goodness. These “negative aesthetics” are implicated in the construction, presentation, and sustenance of marginalized identities. For the purposes of my article, I will be focusing on the effort to incorporate the aforementioned in the study of aesthetics, essentially arguing for them to be inherently valuable and not for the sake of producing a “positive.” To this end and keeping up (...) with the thrust to include other traditions within aesthetics, my article will explore certain strands of Sufi poetry, namely the tradition of Qalandariyat, which present marginalized social identities to our awareness and not for the sake of changing or improving them. I will present some samples from the Persian poetry of Hafez and Rumi, as well as Punjabi couplets of Bulleh Shah and Shah Hussain, for a hermeneutic study that grounds the aesthetics of their Qalandari-themed literature in the usage of “negative” aesthetic categories. This exercise contains the promise of expanding the horizons for our field of sensibilities, by engaging with those social identities that have remained outside them and that too on their own terms. (shrink)

This study examines the influence of board independence on firm agency cost among listed firms in Bangladesh, which feature concentrated ownership and high insider representation on corporate boards. This study uses three measures of agency cost: the ‘expense ratio’, the ‘Q-free cash flow interaction’ and the ‘asset utilization ratio’. The finding of the study is that board independence can reduce the firm agency cost only under ‘asset utilization ratio’ measure of agency cost. These findings are robust to several robustness tests. (...) Furthermore, the non-linearity tests suggest that the benefit of outside independent directors is generally plausible as a factor controlling agency costs in the case of a medium level of board independence. Overall, these findings do not reject the validity of agency theory, supporting the Anglo-American orthodoxy promoting outside independent directors as good monitors. (shrink)

This paper investigates the relationship between director independence and firm performance, as well as ownership of firms and firm performance in Malaysia. We find that independent outside directors and foreign directors have a significant positive effect on firm performance after controlling for the influence of other corporate governance variables such as firm ownership and board sizes. The study demonstrates that when a critical mass of outside directors' independence is achieved, this has a significant economic impact on the firm performance. The (...) results have implications for rethinking board composition requirements in the emerging markets. [PUBLICATION ABSTRACT]. (shrink)

This article is part of a larger study on teachers’ co-construction of social support on a social networking site. The aim of this article is to elucidate how a topic introduced in the Facebook Status updates are negotiated with/by Friends through the Comment function. Adopting discourse topic management as its theoretical framework, the article presents the findings related to topical action of continuing topic observed in the Comments on Timelines, which reflects the strong presence of support on the site in (...) the sense that Friends show their interest in taking up the topic. The analysis shows that strategies for continuing topics in face-to-face conversations are creatively employed by teachers on Timelines and this leads to the emergence of unique characteristics of this new mode of online interaction. In this respect, this article contributes to the expansion of discourse topic theory by highlighting the characteristics of Timeline conversations that emerged from the analysis of topic continuation. (shrink)

Sustainability is concerned with the impact of present actions on the ecosystems, societies, and environments of the future. Such concerns should be reflected in the strategic planning of sustainable corporations. Strategic intentions of this nature are operationalized through the adoption of a long-term focus and a more inclusive set of responsibilities focusing on ethical practices, employees, environment, and customers. A central hypothesis, that we test in this paper is that companies which attend to this set of responsibilities under the term (...) superior sustainable practices, have higher financial performance compared to those that do not engage in such practices. The target population of this study consists of the top 100 sustainable global companies in 2008 which have been selected from a universe of 3,000 firms from the developed countries and emerging markets. We find significant higher mean sales growth, return on assets, profit before taxation, and cash flows from operations in some activity sectors of the sample companies compared to the control companies over the period of 2006–2010. Furthermore, our findings show that the higher financial performance of sustainable companies has increased and been sustained over the sample. Notwithstanding sample limitation, causal evidence reported in this paper suggests that, there is bi-directional relationship between corporate social responsibilities practices and corporate financial performance. (shrink)

Social interactions through social commerce platforms empower consumers to share their personal experiences with others, but its role becomes more significant for societal protection during COVID-19. Numerous scholars have studied e-commerce extensively, but there is a lack of studies to identify social commerce characteristics to attract potential consumers during COVID-19. This study aims to examine the role of social commerce constructs by integrating social presence as a moderator in the model to explain consumers online shopping intentions in a Pakistani context, (...) where lack of trust on the reliability and validity of comments from other consumers being considered the growing concern toward the success of social commerce. The quantitative data were collected from the respondents living in different cities of Pakistan. Most of the hypothesis supported and demonstrate the positive response from the Pakistani consumers having experience in shopping through social commerce platforms. The findings of this study will help scholars and managers to understand the attitude of Pakistani consumers. (shrink)

The purpose of this paper is to make sense of Marx's own view about justice in the light of the controversy between classical Marxism and normative Marxism. Normative Marxism claims that Marx's condemnation of capitalist exploitation and his conception of communism entertain a principle of justice, while classical Marxism does not allow any such principle in Marx's thought. However, I argue that although Marx uses normative terms, he does not provide any specific theory of justice. Marx's condemnation of capitalism is (...) based on the real interests of the workers, not on their moral norms, and his communist principle is a principle of distribution (as a principle of equality), not a principle of justice. (shrink)

For the sake of a respiratory philosophy, it makes sense to look to the East, since many Eastern traditions such as Sufism include breathwork in their somatic practices. In my paper, I aim to show how Rumi – a 13th century Muslim theologian and Sufi – used breath or nafas in his Persian poetry to outline how breathing is an originary phenomenon. My paper will take a few samples of his poetry to demonstrate how breath connotes a newness through the (...) “gift” of life that it endows upon us, and how the creative, endowing, and primal nature of breath is linked to an openness to the Divine Other and to others. Furthermore, for Rumi, every passing breath ushers in a new existence, annihilating its older form and thus creating an ontological sense in the reader of both the finiteness of existence through what has passed and the infinite possibilities it holds when the newness arrives. Bridging the finite and infinite through breath enables us to develop a respiratory ontology that aims to conceive of dualities through an interrelated perspective. This, I wish to argue, is the true promise of Rumi’s poetry for a philosophy of breathing. (shrink)

This article examined the effect of culture and religiosity on perceptions of business ethics among students in a tertiary institution in Malaysia. A structured questionnaire was developed with scenarios on various aspects of business ethics, and self-administered to the students in the business studies program. The results from 767 respondents showed that there were significant differences among the Malays, Chinese, and Indian students on seven scenarios namely selling hazardous products, misleading instructions, selling defective products, padding expense account, taking sick to (...) take a day off, keeping quiet on defective products, and respond to supplier's take good care of clients attitude. There was also an association between culture and religiosity. The MANOVA results also showed that culture and religiosity have an effect on perceptions of business ethics. (shrink)

During the initial phases of the COVID-19 pandemic, stress and anxiety were pervasive among the masses due to high morbidity and mortality. Besides the fear of coronavirus was also particularly driven by social media. Many people started to look for faith and spiritual connections to gain comfort. The role of spiritual ties and religious beliefs in relation to coping with pandemic stress gained the attention of researchers in some parts of the world. This cross-sectional survey aimed at assessing the intensity (...) of stress and anxiety symptoms experienced by people and how much they were alleviated by employing spiritual connections. The study sample comprises 795 respondents with 52% males and 48% females living in Saudi Arabia. The brief online study questionnaire collected data about background variables, anxiety and stress scale from DASS-21, and items from the WHOQOL instrument assessed the use of spiritual beliefs to cope. Multiple regression models were tested to determine the role of spiritual connections after adjusting demographic variables. Results illustrated that after adjusting for gender and age, participants' anxiety symptoms decreased by units with each unit increase in the use of spiritual connections, and participants’ stress symptoms reduce by units with each unit increase in coping with spirituality. Additionally, females’ risk to experience anxiety and stress symptoms was more than males and, respectively. An increase in age decreases the likelihood of experiencing anxiety symptoms and stress symptoms by and units respectively. Findings support the protective role of spiritual connections despite small beta coefficients. The social and cultural context in Saudi Arabia favors deep-rooted connections with spirituality and faith. Our findings support that the reliance on spiritual connections helped older people to deal with exaggerated fear during the initial phase of the COVID-19 pandemic and reduces the risk of experiencing anxiety and stress symptoms. Females and younger participants were relatively vulnerable to developing these symptoms. We discussed these findings considering some recent studies that reported similar relationships and made recommendations for future research. (shrink)

This study examines the influence of managerial ownership on firm agency costs among listed firms in Bangladesh. This is an institutional setting that features a mixture of agency costs. This institutional setting has a concentration of ownership by managers, but the firms are not solely owned by managers. The extant literature suggests that the sacrifice of wealth by the principal and potential costs associated with monitoring the agents is known as the agency cost. This study uses three measures of agency (...) cost: the ‘expense ratio’, the ‘Q-free cash flow interaction’, and the ‘asset utilisation ratio’. The finding of the study is that managerial ownership reduces the firm agency cost only under the ‘asset utilisation ratio’ measure of agency cost; this is robust with regard to a number of robustness tests. Furthermore, the non-linearity tests suggest that the convergence of interest is evident with very high and low levels of managerial ownership. The entrenchment effect by the owners is evident at moderate levels of managerial ownership. Although there has been great scepticism among management researchers on the validity of agency theory, overall, the findings of this study do not reject the validity of agency theory. Given that the entrenchment by managers is evident at certain levels of ownership and that the agency problem may still exist between insiders and outsiders, legislative guidelines for controlling share ownership may be required. (shrink)

BackgroundThe pharmaceutical market in Bangladesh is highly concentrated. Due to high competition aggressive marketing strategies are adopted for greater market share, which sometimes cross limit. There is lack of data on this aspect in Bangladesh. This exploratory study aimed to fill this gap by investigating current promotional practices of the pharmaceutical companies including the role of their medical representatives.MethodsThis qualitative study was conducted as part of a larger study to explore the status of governance in health sector in 2009. Data (...) were collected from Dhaka, Chittagong and Bogra districts through in-depth interview, observation, and round table discussion.ResultsFindings reveal a highly structured system geared to generate prescriptions and ensure market share instituted by the pharmaceuticals. A comprehensive training curriculum for the MRs prepares the newly recruited science graduates for generating enough prescriptions by catering to the identified needs and demands of the physicians expressed or otherwise, and thus grab higher market-share for the companies they represent. Approaches such as inducements, persuasion, emotional blackmail, serving family members, etc. are used. The type, quantity and quality of inducements offered to the physicians depend upon his/her capacity to produce prescriptions. The popular physicians are cultivated meticulously by the MRs to establish brand loyalty and fulfill individual and company targets. The physicians, willingly or unwillingly, become part of the system with few exceptions. Neither the regulatory authority nor the professional or consumer rights bodies has any role to control or ractify the process.ConclusionsThe aggressive marketing of the pharmaceutical companies compel their MRs, programmed to maximize market share, to adopt unethical means if and when necessary. When medicines are prescribed and dispensed more for financial interests than for needs of the patients, it reflects system’s failed ability to hold individuals and entities accountable for adhering to basic professional ethics, code of conduct, and statutory laws. (shrink)