Social cultural influences on current and future coastal governance

Australians have strong attachments to the coast. The impact of climate change brings to the fore deep-seated socio-cultural values, which add to the already complex and uncertain biophysical changes that challenge our preparations for future climate change.Our research aims to examine the role of worldviews and deep seated values in decision-making in response to climate change. The objective is to show how a multi-layered discourse analysis using causal layered analysis (CLA) can provide a powerful means of revealing the underlying social and cultural influences on decision-making and provide more insight into potential pathways for more effective responses to complex phenomena such as climate change. A case study of coastal governance in the south west of Western Australia, which is highly vulnerable to sea-level rise, provides the context of the research.We have found that CLA as a critical research tool has proven to be a useful method in uncovering the dominance of the administrative rationalist worldview on coastal governance. In our view, future coastal governance would benefit from a shift towards greater participatory governance and the incorporation of more reflexive practice so that the deeper emotional and relational aspects of decision-making balance out the dominant problem-solving discourse.     

The U.S. and Irish credit crises: Their distinctive differences and common features

Although the 2007–2008 US credit crisis precipitated it, the subsequent Irish credit crisis is an identifiably separate one, which might have occurred in the absence of the U.S. crash. The distinctive differences between them are notable. Many of the apparent causal factors of the U.S. crisis are missing in the Irish case; and the same applies vice versa. At a deeper level, we identify four common features of the two credit crises: capital bonanzas, asset price bubbles, regulatory imprudence, and moral hazard. The particular manifestations of these four “deep” common features are quite different in the two cases.     

Determining Meaningful Sales Relational (Mix) Variances

Further separation of the volume variance component of a multi-product firm's revenue variance into mix and quantity variances is regularly advocated by management accounting educators. Techniques used to achieve this separation are generally an extension of the analytical techniques used in the traditional flexible budget step-down? approach to variance determination. The analysis in this paper suggests that such an extension in most multi-product situations is inappropriate and generates useless and misleading results. Specific situations in which relational (in lieu of mix) variances may be appropriate do exist and applicable techniques are developed.     

Brexit and Tariff Rate Quotas on EU Imports: A Complex Problem

Tariff rate quotas (TRQ s) are a means by which non‐EU suppliers of agri‐food products can be given preferential access to EU markets within a regulated framework of quotas at tariff rates below the Most Favoured Nation rates bound in the GATT . TRQ s are common in governing trade in the meat and dairy sectors of the EU , although they apply to a wide range of other agricultural commodity and processed agri‐food products. Brexit poses a complex set of problems regarding TRQ s in terms of how the respective parties should divide up jointly undertaken commitments within the WTO , since TRQ s have been negotiated by the Commission on behalf of all EU Member States. Whilst individual quota allocations can be allocated to specific third country suppliers, individual Member States receive no specific allocation of the global product TRQ either in total, or from any named preferential supplier. The article outlines the nature of TRQ s in the meat and dairy sectors of the EU , and how a simple partitioning of existing quotas between the EU ‐27 and the UK is unlikely to resolve the complex issue of access rights of third countries to both markets. Possible solutions are explored, including the potential need for reciprocal EU ‐27–UK TRQ s post Brexit.     

Market Reactions, Characteristics, and the Effectiveness of Corporate Layoffs

Two hypotheses are considered to explain employee layoffs by corporations: (1) the declining investment opportunities hypothesis; and (2) the efficiency hypothesis. The stock market response to employee layoff announcements is estimated to be negative, which is consistent with the declining investment opportunities hypothesis as opposed to the efficiency hypothesis. Large, permanent, and unanticipated layoffs are associated with higher market reaction relative to small, temporary, and anticipated layoffs. A significant difference exists between industry type and for the stated reason of the layoff. Corporate layoffs per se increased the efficiency of the firm, as evidenced by a significant increase in return on equity and net income to employee in the post-announcement relative to the pre-announcement period.     

THE SECURITY PRICE EFFECTS OF PUBLIC DEBT DEFAULTS

A debt default requires a restructuring that may take place in or out of court. By examining security returns around a sample of public debt defaults, only some of which end in bankruptcy, I provide new evidence on the costs and benefits of bankruptcy compared with workouts. Evidence from security returns implies that bankruptcy is more costly than a workout, but that the cost differential is reduced for firms with large net operating loss carryforwards. The evidence is also consistent with the argument that equity has greater option value in a workout relative to bankruptcy.     

The Determinants of Disciplinary System Effectiveness: A Line-Management Perspective

This study examines how characteristics of an organization and its disciplinary system affect line-management perceptions of disciplinary system effectiveness. Using responses from 418 organizations, we found a curvilinear relationship between disciplinary system restrictiveness and perceptions of disciplinary system effectiveness. Results also indicate that monitoring costs, investment in training, grievance systems, unionization, and pressure to perform are significantly related to perceptions of disciplinary system effectiveness.