Sovereign wealth fund investments and financial performance of target firms: The disciplinary role of debt in political agenda theory.

Using a sample of Indian firms acquired by the Norwegian Sovereign Wealth Funds, we investigate whether Sovereign Wealth Fund investments affect the capital structure of firms. We also examine whether leverage serves as a disciplinary mechanism in attenuating the political agenda effects of Sovereign Wealth Fund investments. Our findings reveal that Sovereign Wealth Fund ownership and size reduce leverage. We also find that sovereign wealth fund ownership of 2% and below increases financial performance, supporting the monitoring hypothesis. At above 2% sovereign wealth fund ownership stake, profitability drops significantly, supporting the political agenda hypothesis. We also find that leverage reduces the negative impacts of sovereign wealth fund ownership on the firm's financial performance when the firm's sovereign wealth fund ownership exceeds 2%, suggesting that at certain sovereign wealth fund ownership thresholds, the firm must decide on taking further debt to attenuate government opportunism behaviour and political agendas. Our findings are robust to an alternative measure of sovereign wealth funds, financial constraints, and endogeneity concerns.

Awareness and ethical views regarding life support among doctors working in tertiary care facilities of Karachi, Pakistan.

OBJECTIVE: To assess the knowledge of Life Support (LS) among doctors and to determine their ethical beliefs for the continuation or termination of Basic and Advanced Life Support services. METHODS: This cross-sectional study was done from March to June 2009 that involved 110 doctors of three teaching Hospitals in Karachi (Jinnah Postgraduate Medical Centre, Aga Khan University and Ziauddin University hospitals). All the subjects were selected by random sampling and were then analysed on the basis of self-administered questionnaires. RESULTS: Out of the 110 doctors who took the survey, 109 (99%) had heard of Life Support. In the breakdown of doctors, 1 out of the 18 consultants (5.6%), 5 of 45 PGs (11%) and 2 out of 47 House Officers (4%) who took part in this study were unable to correctly identify the right definition of LS. Out of the total number (n = 110) of doctors, 94 (85%) said they would use Life Support in their patients and 41 (43%) of them thought life support was the only way the doctor can "do what he is supposed to do i.e. save a life", while the other reason for using LS was "Religiously, the right way". CONCLUSION: LS is still a highly sensitive subject that needs still more awareness in Karachi, Pakistan. It was surprising to find out that the knowledge of LS by residents, postgraduates and even consultants was not as high as expected. Making Basic Life Support as a part of the undergraduate course might help in clarifying the discrepancies present in the knowledge of Life Support.

Health and safety measures available for young labourers in the cottage industries of Karachi.

OBJECTIVE: To determine the health problems faced by labourers, 18 years and under, working in the cottage industries of Karachi and know the safety measures available and utilized at these places. DESIGN: Cross-sectional study using two-stage cluster sampling. PLACE AND DURATION: From February 2002 to March 2003, 95 cottage industries from 10 different locations of five districts of Karachi were included. SUBJECTS AND METHODS: All workers, 18 years and below, present were interviewed. The environmental and safety gadgets present at the industry were inspected by the surveyors and the manager was interviewed for presence of health and safety benefits for the workers. RESULTS: A total of 280 workers were interviewed, 26 (9.3%) children were between 9-12 years, 82 (29.3%) were between 13-15 and 172 (61.4%) were between 16-18 years of age. Health benefit was given to only one 13-year-old worker in silk industry; appropriate gadgets were absent in 93 (97.8%) industries, present only in 2 industries (one silk and one loom). First Aid box was present in only one loom industry. Two hundred and forty workers (85.7%) were unaware of the materials they were using. One hundred and ninety-three (69%) children were working in improper light, 199(71%) workers experienced high level of noise, 232(83%) were working in high temperature and 155(55.3%) were working with improper ventilation. Health problems faced included joint pains (n=64, 22.85%), backache (n=85, 30.35%), vertigo (n=48, 17.14%), numbness of fingers (n=77, 27.5%) and fatigue experienced by 143 (51.07%) children. CONCLUSION: The children and adolescents employed in cottage industry are suffering from health problems due to lack of knowledge on their part, and improper ergonomics, environmental and safety conditions at the workplace. The cottage industry should be regulated and brought under labour law. The health sector non-governmental organizations should make concerted efforts for the rehabilitation of this workforce by creating awareness and providing opportunities for education and development of skills.

Hospital waste management in the teaching hospitals of Karachi.

OBJECTIVE: To evaluate the current practices of segregation approaches, storage arrangements, collection and disposal systems in the teaching hospitals of Karachi. METHODS: A cross-sectional survey was conducted in eight teaching hospitals of Karachi, using convenient sampling technique. The instrument of research was a self administered questionnaire, with four sections, relating to the general information of the institution, administrative information, information regarding Health Waste Management personnel and a check-list of Hospital Waste Management activities. RESULTS: Out of eight hospitals visited 2 (25%) were segregating sharps, pathological waste, chemical, infectious, pharmaceutical and pressurized containers at source. For handling potentially dangerous waste, two (25%) hospitals provided essential protective gears to its waste handlers. Only one (12.5%) hospital arranged training sessions for its waste handling staff regularly. Five (62.5%) hospitals had storage areas but mostly it was not protected from access of scavengers. Five (62.5%) hospitals disposed off their hazardous waste by burning in incinerators, two (25%) disposed off by municipal landfills and one (12.5%) was burning waste in open air without any specific treatment. No record of waste was generally maintained. Only two (25%) hospitals had well documented guidelines for waste management and a proper waste management team. CONCLUSION: There should be proper training and management regarding awareness and practices of waste disposal. Research must be undertaken to seal existing gaps in the knowledge about hospital waste management. The hospital waste management guidelines enacted on 7th June 2004 should be followed and regulated by law enforcement agencies rigorously.