An Empirical Analysis of Financial and Non-financial Managers' Remuneration in Small and Medium-sized UK Enterprises

This paper examines empirically the influences on managerial remuneration in a sample of 97 UK small and medium-sized enterprises (SMEs). The empirical analysis, based on data obtained from interviews with middle (i.e. non-director level) managers and the published financial records of their employing firms lodged at Companies House, examines the relative explanatory power of a number of human capital, job/firm specific and external labour market variables. In addition, the sample was partitioned into two groups, one comprising 29 financial managers and the other comprising 68 non-financial managers. Separate wage equations were estimated for the two groups to determine whether the factors that influence remuneration differ between the two groups of managers. For the overall sample, the results indicate that the managers' ages, qualifications and previous careers and the size, growth, industry and location of their employing firms are able to explain a large proportion of the variance in remuneration. For the sub-sample analyses, firm profitability, (several aspects of) size, and the managers' career histories are of relatively greater importance in respect of financial managers' remuneration, whilst asset growth, industrial sector and location seem to be of more importance for the non-financial managers. These results are viewed as being broadly consistent with the expectations derived from the extant theoretical and empirical literatures on managerial remuneration.     

Bunk bed injuries in Australia: the case for a mandatory safety standard

Bunk beds have long been recognised as a potential source of injury to children. This study was undertaken to establish an evidence base for a proposed injury reduction program and to determine whether or not there is a case for a mandatory safety standard. Recent literature on bunk bed safety was reviewed to provide an overview of the injury issues involved. Major sources of relevant Australian and international data were identified and the available data summarised. An in-depth analysis of Victorian data was undertaken to identify the nature and severity of injuries sustained and any patterns or trends, including age profiles. It is estimated that, in Australia, in the under fifteen age-group, there are at least 2,100 bunk bed-related injuries treated annually by hospital emergency departments. This represents a rate of about 50 injuries per 100,000 age-specific population. The majority of these injuries (86%) occur in children under the age of 10 years with injuries peaking in the 5-9 year age-group. The main cause of non-fatal injury is falls from the top bunk resulting in a fracture (33%), mainly to the upper extremity (75%). There have been at least two deaths from asphyxia in Australia in the past 10 years, due to entrapment in the bunk structure. It is clear from the current evidence that bunk bed injuries are a significant problem in Australia and represent a life-threatening hazard to young children in particular. The existing voluntary Australian/New Zealand Standard adequately addresses the safety issues raised by the examination of the literature and the analysis of the injury data. It is also clear that, in Australia, voluntary standards and the market place have been ineffective in achieving compliance. It is therefore recommended that the Australian Standard be made mandatory in an effort to significantly improve the safety of bunk beds in Australia.     

A socio-technical framework for assessing the viability of carbon capture and storage technology

Carbon capture and storage (CCS) is seen as a key technology to tackle climate change. The principal idea of CCS is to remove carbon from the flue gases arising from burning fuels for electricity generation or industrial applications and to store the carbon in geological formations to prevent it from entering the atmosphere. Policy makers in several countries are supportive of the technology, but a number of uncertainties hamper its further development and deployment. The paper makes three related contributions to the literatures on socio-technical systems and technology assessment: 1) It systematically develops an interdisciplinary framework to assess the main uncertainties of CCS innovation. These include technical, economic, financial, political and societal issues. 2) It identifies important linkages between these uncertainties. 3) It develops qualitative and quantitative indicators for assessing these uncertainties. This framework aims to help decision making on CCS by private and public actors and is designed to be applicable to a wider range of low carbon technologies. The paper is based on a systematic review of the social science literature on CCS and on insights from innovation studies, as well as on interviews about assessment of new technologies with experts from a range of organisations and sectors.     

Opportunities for Air Pollutant and Greenhouse Gas Emission Reduction through Local Transport Planning

This paper has three main objectives: firstly, to provide quantitative information on the potential greenhouse gas and air pollutant emissions reductions resulting from a number of future road transport scenarios; secondly, to illustrate the emission reduction measures available to local transport planners; and thirdly, to highlight the potential for these measures to be integrated into strategies that deliver other transport priorities. The results are drawn from a case study of Norfolk in the UK. We conclude that while technology can play a large part in reducing emissions of air pollutants, demand management is crucial to the delivery of long term greenhouse gas emission reduction and ultimately of air pollutant emissions too.     

Overconfidence and Corporate Tax Policy

Review of Accounting Studies - Using a sample of firms experiencing exogenous CEO departures, we investigate whether firms with overconfident CEOs avoid more tax. We find robust evidence of a...     

The Effects of Idealized Advertising Imagery on Social Comparisons,Psychological and Emotional Outcomes,and Consumer Vulnerability: A Conceptual Model

This article integrates marketing and social psychology theories and findings into a conceptual model that describes the conditions for which idealized advertising images induce positive (or negative) consumer outcomes. Extending Bessenoff's moderated mediation model, the authors propose that: (1) effect of social comparison on the relationship between exposure to idealized advertising images and psychological/emotional outcomes will be moderated by internalization of ideals and self-discrepancy; (2) effect of psychological/emotional outcomes on the relationship between social comparison and consumer vulnerability will be moderated by attainability of ideals; and (3) product claims should moderate the relationship between psychological and emotional outcomes and consumer vulnerability.     

An Ethics of Care or an Ethics of Justice

A conflict within the community of those investigating business ethics is whether decision makers are motivated by an ethics of justice or an ethics of caring. The proposition put forward in this paper is that ethical orientations are strongly related to cultural backgrounds. Specifically, Hofstede's cultural stereotyping using his masculine-feminine dimension may well match a culture's reliance on justice or caring when decisions are made. A study of college graduates from six countries showed that Hofstede's dimension was remarkably accurate in predicating a justice or caring orientation for decision makers from five of the six countries.     

Seize the moment: Opportunism in Australian capital markets

This paper examines theories of capital structure using a dataset of listed Australian companies from 1993 to 2005. Companies appear to have target leverage but they take advantage of favorable firm characteristics to achieve these targets. Issuers issue debt when they are profitable. When firms are profitable and perform well in the market, they will issue both debt and equity.     

The Dynamics of Rivalry

Firms face a constant challenge to understand and manage competition over time: what to do when and how much, for how long, and with what expected effect. In this battle, managers use resources they already have to develop the further resources they need, faster and more sustainably than competitors. Just three forms of rivalry capture the dynamics of these processes: developing potential customers, capturing rivals' customers and competing for sales to shared customers. Each of these applies not only to customers, but also to other assets that must be won against rivals. In complex industries, interactions between many competitors can be simplified by grouping firms together, and industry evolution and scenarios for the future can be evaluated using extensions of this approach.