Communication skills in accounting education: Perceptions of academics,employers and graduate accountants

Communication skills are central to intellectual interaction between the providers and the recipients of information. The importance of accounting starts with the gathering and processing of information and ends with the communication of processed information. This paper examines the communication skills which employers, academics and graduate accountants consider necessary to the newly graduated accountant. It also identifies and considers the differences in perception which occur between these groups and suggests solutions to the communication gap. This study confirms findings from previous research that new graduate accountants experience communication-related problems in early employment. In addition, it provides evidence that the Australian accounting curriculum has contributed to the development of communication skills. However, the paper highlights the need for the reconsideration of an emphasis on communication skills in the accounting curriculum, a role which arises from the very nature of accounting as the processing and communication of information.     

De Tocqueville's ‘Dangerous Moment’: The Importance of Getting Reforms Right

Economic reform, on an ongoing basis, is vital if economies are to achieve, and maintain, rapid and sustained economic growth. Yet governments face challenges when introducing economic reforms. Policymakers must judge what reforms are needed; when to introduce them; and how rapidly to pursue their reform programme. Failed reforms can discredit the reform process as a whole, and so make it more difficult, and more costly, to retry in the future. The reform process in emerging market economies provides many lessons that are widely applicable. Perseverance is critical: reforms must be followed through if they are to be successful. Reforms also need to be wide‐ranging, encompassing not just monetary, fiscal and trade policy but reform of the financial sector and of public institutions. Reforms in many countries need to include the protection of property and individual rights; improved tax administration and greater efficiency of public spending; and commercial codes. Reforms can be most easily implemented at times of global expansion. Fiscal consolidation, for example, is more easily accomplished in a more favourable environment partly because it helps deliver future growth and partly because it gives governments scope for counter‐cyclical policy during future downturns.     

Measuring the Contributions of Brand to Shareholder Value (and How to Maintain or Increase Them)

Since 1993 Young & Rubicam has invested over $130 million in collecting and interpreting data on consumers' perceptions of some 44,000 product and service brands in over 50 countries. At the core of Y&R's research effort is the Brand‐Asset® Valuator (or “BAV”), a model that converts the firm's hoard of data on global consumer perceptions and behavior patterns into assessments of brand strength and value. When combined with the findings of independent research by academics in marketing and finance (using Compustat data on corporate operating and stock‐price performance), the BAV's assessments of brand values can be used to quantify the contributions of brands to both corporate earnings and market values. One of the main findings of this research is that brands contribute to the market value of companies by increasing not only current earnings, but the price‐to‐earnings (P/E) multiples that investors assign to current earnings. Such increases in P/E multiples in turn reflect investors' expectations for lower risk, higher growth or both. At the same time, more recent consumer surveys (conducted in 2005‐2007) provided indications of brand “erosion” even as the markets were pushing up share prices, presumably with the expectation that intangibles like brand would continue to drive operating earnings in the future. For the leaders of consumer‐related corporations, the resulting “disconnect” between stock prices and brand values points to a continuing challenge for brand management. Building brand value is important for both finance professionals trying to increase shareholder value and marketers trying to build brand strength and increase sales and margin. The aim of the authors' research is to bring these two groups—finance and marketing— closer together by demonstrating the role of marketing strategy and brand equity in driving shareholder value.     

Contract culture and target fetishism: The distortive effects of output measures in local regeneration programmes

Performance management in TECs¹ and urban initiatives has developed in the 1990s into a “contract culture” characterised by heavy reliance on quantitative indicators as the basis for funding arrangements. These indicators may have perverse effects. Firstly, they may distort the design of local policy at the level of strategic planning and SRB (Single Regeneration Budget) bid-writing. Secondly, their use in contracts between TECs, City Challenge companies, SRB partnerships and their delivery agencies may distort policy implementation. An instructive parallel may be drawn between this “indicator distortion” and the distortions induced by planning targets in the former Soviet Union.     

The Value of Olympic Sponsorships: Who is Capturing the Gold?

In recent years, corporate sponsorship has become anincreasingly important element of the marketing communicationsmix. This paper uses data from the 1996 Atlanta Summer OlympicGames to measure the value of Olympic sponsorship. Using stockreturn data, we find that the shareholders of sponsoring firmsearn negative average abnormal returns around announcement ofOlympic sponsorship agreements. This finding, consistent withan agency cost explanation of corporate investment practices,is robust to variation in a number of firm- and sponsorship-specificvariables. In addition, cross-sectional analysis supports themonitoring hypothesis, as significant equity ownership by institutionalinvestors is positively related to abnormal returns around announcement.Our results suggest that utilizing Olympic sponsorships in themarketing communications mix may not be value-enhancing.     

Is It Who You Know? Entrepreneurs and Bankers in Sao Paulo, Brazil, at the Turn of the Twentieth Century

This article examines the trust-producing mechanisms investorsand financiers used in São Paulo, Brazil, to determinewhere to invest their money in the late nineteenth and earlytwentieth centuries. The coffee boom that began in the 1880sspurred bursts of new domestic business development that transformedSão Paulo into Brazil's industrial leader. Using shareholderand director data from an array of business sectors, this articledemonstrates that early development (1856–1905) of theinstitutions that provided business finance was accompaniedby highly personal relationships between financier and entrepreneur.By the early twentieth century (1906–1920), rapid economicgrowth and business diversification rendered these personalconnections inadequate and hence less important to businessfinance. Investors and directors concentrated their energiesand their money, abandoning the practice of forming broad connectionsin general—and connections to a bank in particular—andturned to the stock market instead. By providing an alternativeto personal forms of trust production, the rise of impersonalintermediation promoted the significantly broadened market forcorporate business formation that underwrote São Paulo'seconomic transformation.     

Small is beautiful? The development of women’s activism in a small union

This article draws together two aspects of union renewal strategy: merger and increasing women’s involvement and activism. The article utilises a case study of the National Union of the Lock and Metal Workers (NULMW), a small union that appears to have successfully promoted women’s involvement contrary to the usual expectations about manufacturing union contexts. We argue that the reasons why women have done so well within the NULMW relates to the small size and community‐based nature of the union, including its alignment with the historical development of the lock workforce. In light of this, we reflect on the potential effects of a recent amalgamation of the NULMW with the TGWU.     

Anti-Poverty Programs in Indonesia

Between 1994/95 and 1997/98, Indonesia's spending on anti-poverty programs grew from 0.1% to 0.3% of GDP. The introduction of the 'social safety net' raised anti-poverty spending to 1.4% of GDP in 1998/99 and changed its main focus from job creation schemes, financed mainly by loans and grants to small firms and community groups, to in-kind subsidies for rice, public health care, scholarships for children in poor families and grants to schools in poorareas. The most accurately targeted program was health care, which covered twice as many people in the two poorest deciles as in the remaining eight. For most other programs, this targeting ratio was only about 1.5. We argue that the education and health care programs were the most successful, and doubt that the rice subsidy, job creation and loans schemes were worthwhile.