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CLINTON FREE MICHAEL BRIERS WAI FONG CHUA PETER LUCKETT 《Australian Accounting Review》1999,9(19):47-60
Corporate purchasing cards have been offered as an efficient means of maintaining control over purchasing while reducing the administrative cost associated with the acquisition of low-dollar items. However, despite its growing popularity, there has been little systematic research on the use of this technology. This study uses archival data and a survey of users from a single large organisation to describe the nature of purchasing card technology and to investigate the consequences of its implementation. The card was found to be more positively accepted by younger, more committed employees who had shorter periods of tenure at the organisation studied, but who had received higher levels of supervisory encouragement, and who had more experience with credit cards. 相似文献
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Hybrid securities are becoming an increasingly important component of the capital structure of Australian firms. While displaying characteristics of both debt and equity, one principal equity attribute of hybrids is their ability to pay franked dividends. This enables resident domestic investors to claim corporate tax payments as a credit against personal tax obligations under Australia's dividend imputation tax system. This paper estimates a value for the ‘franking credits’ that attach to hybrid securities by examining stock price changes around ex‐dividend dates. We add to the literature that examines the ex‐day price changes of ordinary shares (OS) in that the hybrid securities we examine have high dividend yields and are relatively insensitive to market movements. Therefore the signal‐to‐noise ratio is much higher than for OS. Our analysis reveals that cum‐dividend day prices on hybrid securities do not include any value for franking credits. This result is consistent with the notion that the price‐setting investor in the Australian market is a foreign investor who places no value on franking credits. 相似文献
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