Corporate Governance and Company Performance in Australia

This study tests whether the adoption of Australian best practice corporate governance recommendations is associated with financial performance measured by return on assets (ROA) and Tobin's Q. Results suggest that recommended corporate governance structures relating to the adoption of board sub‐committees are sound policy recommendations that enhance performance using the accounting measure ROA and the market‐based measure Tobin's Q. In contrast, the emphasis on board independence guidelines, specifically having outside independent directors, has a negative impact on ROA and Tobin's Q. However, there are conflicting significant results between the accounting and market measures for having a dual CEO/chairperson and board size.     

Choice Modelling: Assessing the Environmental Values of Water Supply Options

Three criticisms of the contingent valuation method (CVM) are considered in this article. One technique that would appear to answer such criticisms is choice modelling (CM). CM permits value estimates for different goods sharing a common set of attributes to be pieced together using the results of a single multinomial (conditional) logit model. The CM approach to environmental value assessment is illustrated in the context of a consumer-based assessment of future water supply options in the Australian Capital Territory. CM is found to provide a flexible and cost-effective method for estimating use and passive use values, particularly when several alternative proposals need to be considered.     

A transitions model for sustainable mobility

This paper reports on the development of a model for assessing transitions to sustainable mobility. The model uses the concepts of transition theory as a framework for assessing possible pathways by which a transition to a sustainable mobility society might happen. The modelling approach combines agent-based modelling techniques with a system dynamics structure. It is original in that there are two levels of agent. There are a small number of complex agents, which have an internal structure and are therefore subsystems within society, and a larger number of simple agents. Based on the UK data, the results show that Hydrogen Fuel Cell Vehicles (FCVs) come to dominate, but only in the very long run (after 2030), while biofuels and ICE (Internal Combustion Engine)-electric hybrids are the main alternatives to the regime in the next 10–30 years, because a) they are already developed and b) they fit better into current infrastructures. The model shows that technological transitions are most likely. Lifestyle change transitions require sustained pressure from the environment on society and behavioural change from consumers.     

Opening a stock exchange

A large body of theoretical and empirical literature has established a positive relationship between levels of stock market development and economic growth. However, previous empirical work has been based on samples of approximately 40 countries with the most highly developed financial systems. Since 1950, over 70 countries have opened their first national stock exchanges. Can such exchanges increase economic growth? I present a data set of my construction that describes the exchange openings that occurred between 1960 and 1998, and find that these exchanges have generated increases in growth during their first 5 years of existence, although the longer-term results are ambiguous.     

Who Goes to Metropolitan Parks? A Latent Class Analysis Approach to Understanding Park Visitation

This study aimed to identify typologies of park visitors and to examine associations among these typologies and socio-demographic characteristics. In 2013, intercept interviews were completed with 794 adult park visitors at two large parks located in Melbourne, Australia. Latent class analysis identified three classes of visitor: physically active visitor, with dog (12.4%); physically active visitor, with no dog (35.7%); and infrequent, low active, social visitor (51.9%). Respondents who were older and owned a dog had higher odds of being in Class 1 and Class 2. Respondents who had children had higher odds of being in Class 3. Respondents who reported poor health were less likely to be in Class 2 than in Class 3. Park users can be distinguished by the behaviors in which they engage. Understanding typologies of visitors will assist with the development of intervention strategies to optimize park visitation and park-based physical activity.     

旅游道德感知结构与行业实践的影响

旅游伦理研究是国内外旅游学界较少关注的研究领域,而日益凸显的旅游伦理问题又决定了行业和学界都迫切需要这方面的理论指导.为此,文章通过理论建构与实证检验,从个体微观角度,初步分析了旅游道德感知的组成结构及个体旅游实践经历对旅游道德感知的影响作用.研究结果表明:通过道德注意力、相对主义伦理立场、理想主义伦理立场所建构的旅游道德感知结构具有很好的可靠性及外部有效性;旅游行业实践经历与个体旅游道德感知的关系显著,能够显著影响个体的旅游道德感知.在理论方面,该研究适度拓展了旅游道德感知的研究内容,说明了旅游道德感知的架构具有较好的外部有效性.研究结果对指导旅游伦理教育、企业内部伦理建设及学生个体的道德感知提升均具有指导意义.     

The Price of Being Foreign: Stock Market Penalties Associated with Accounting Irregularities for U.S.-Listed Foreign Firms

We examine the stock market consequences of disclosing accounting irregularities for U.S.-listed foreign firms. After controlling for the severity of the irregularity and other firm characteristics, we find that foreign firms experience significantly more negative short-window stock market reactions following irregularity announcements than do U.S. firms. Moreover, for a subsample of 64 irregularities of foreign firms that are listed on both a U.S. and home country stock exchange, we find evidence that restating firms' U.S. investors react more negatively to the same irregularity than their home country investors. This differential market reaction appears related to firm-specific information risks that are greater for foreign firms than U.S. firms. Collectively, consistent with the reputational bonding hypothesis in prior literature, our results suggest that accounting irregularities cause U.S. investors to reassess the information risk associated with foreign firms.     

Are firms from developed markets more international than firms from emerging markets?

Regionalist supporters’ claim that most of the world's largest firms are regional rather than global and that managers should be encouraged to ‘think regional, act local and forget global’ (Rugman and Moore, 2004, p. 67). We apply the matrix of multinationality proposed by Aggarwal et al. (2011) to a sample of the world's 500 largest corporations, the Fortune Global 500. We show that these firms range from purely domestic to regional, trans-regional and entirely global with most lying in the trans-regional and global categories. Our results imply that global strategies are essential to international trade and management in today's business environment. We compare multinationality results by market type (developed versus emerging market), industry, size and age. We find that firms from more advanced economies tend to be older, larger and more multinational than firms from emerging markets. We find no relationship between multinationality and age or multinationality and size, and conclude that developed market firms are not more multinational as a result of size, age or industrial structure.     

Professional Skills and Capabilities of Accounting Graduates: The New Zealand Expectation Gap?

Much has been written about teaching and learning deficiencies in accounting education. Universities have grappled with the challenge and developed a number of strategies to address the concerns raised. Many of the recommended strategies for addressing these deficiencies have included a focus on the development of professional capabilities and skills. This paper reports on a study which has identified the capabilities which are considered to be the most important for successful practice in accountancy during the first years after graduation and identified the extent to which New Zealand universities have focused on these in the delivery of their study programmes. Most attempts to measure the nature and extent of change to accountancy degree programmes have collected data from current or graduating students or from the university itself. This study instead collected feedback from accountancy graduates employed in public practice with three to five years post graduation professional experience and from their workplace supervisors. This paper reports on the results of the graduate feedback, provides a useful insight into where progress has been made and identifies where further improvement is necessary.