Value Relevance of Environmental Provisions Pre‐ and Post‐IFRS

The purpose of this paper is to compare the value relevance of environmental provisions as recorded under Canadian/U.S. GAAP and IFRS accounting frameworks with consideration of the impact of voluntarily issuing stand‐alone sustainability reports. The value relevance of environmental provisions is tested using a modified Ohlson (1995) model. We exploit IFRS reconciliations as a quasi‐experimental setting to conduct this comparison. Results indicate that environmental provisions recorded under either framework only act as liabilities for oil and gas firms that release stand‐alone sustainability reports. For other firms in the oil and gas industry, and the mining industry, the liability nature of these provisions appears to be discounted by the market. Furthermore, for firms in the oil and gas industry that do not have stand‐alone CSR reports, provisions appear to be interpreted by the market as a costly signal about future growth. Instead of downwardly affecting market values, this information is associated with higher market values. In terms of the transition to IFRS, we find that, while the IFRS provisions are significantly higher than under former GAAP, they do not improve value relevance for investors. Accounting standard setters should consider examining the changes in the current standards from the original Canadian environmental provision reporting requirements under Capital Assets section 3060.39, as it was rightfully shown to be a relevant proxy for unbooked liabilities (Li and McConomy, 1999; Bewley, 2005) rather than earnings expectancy. The study builds upon prior research to examine the value of accounting standards that have gone through significant changes.     

美、法国有企业改革对我国国有企业发展转型的启示

改革开放以来,随着社会主义市场经济的迅猛发展,对国有企业的改革要求也越来越高;另外,国有企业的改革也极大地促进了社会主义市场经济的发展。但是,也应该看到:我国的国有企业体制仍然存在着很多问题,和社会主义市场经济的发展存在着一定的冲突。本文以美国和法国这两个西方发达国家为参照,从改革历程、手段等方面全面分析两个国家的国有企业改革并总结其中经验,尝试对我国未来的国有企业改革提出一些建议。     

The evolution of Canadian international travel documentation

Canada's geographic position, adjacent to the United States and comparatively distant from other countries, has concentrated a very large part of the foreign travel into a north-south flow. The development of international travel statistical methodologies has been patterned upon this heavy preponderance of travel. The evidence shows that the magnitude and scope of the flow of people and money between Canada and the United States necessitated that a cooperative approach be taken by both countries in undertaking this large-scale, continuous statistical operation. Canada's international travel statistical methodologies have demonstrated a flexibility to adapt to changing travel patterns and the reduction in border restrictions and documentation. At the same time, the statistical systems have had to meet increased demands of international tourism on a global scale.     

从反倾销税到反倾销补贴

本文首先就相关的若干核心概念进行整理和定义,并阐述了文章研究的必要性和整体的研究思路。其次,考察了世界贸易组织(WTO)框架下现行反倾销制度的各种缺陷,认为通过导入反倾销补贴的新做法至少有利于弥补现行反倾销制度的不足。再次,本文就两国间三种不同的成本情况下的反倾销税与反倾销补贴的经济福利效应进行了比较分析。最后结论是反倾销补贴不仅对现行反倾销制度的滥用能起到积极的作用,能够避免掠夺性倾销的威胁,而且与反倾销税相比消费者的利益不会受到损害。     

Private Benefits of Managerial Control,Government Ownership,and Acquirer Returns: Evidence from the Chinese State‐Controlled Listed Companies

This article examines how government ownership affects the relationship between private benefits of managerial control, measured as excessive overhead expenses, and profitability of acquirers. A total of 246 merger and acquisition (M&A) events from Chinese state‐controlled listed companies (CSCLCs) between 2001 and 2006 constitutes the analytical sample. Under a low level of government shareholding, private benefits of managerial control positively correlated with acquirer announcement returns. However, there was no relationship between private benefits of managerial control and acquirer announcement returns under a high level of government shareholding. The implications of these findings for scholarship and practice are discussed. Copyright © 2011 ASAC. Published by John Wiley & Sons, Ltd.     

Antecedents and Consequences of Eco‐Control Deployment: Evidence from Canadian Manufacturing Firms

Environmental issues have become an important consideration for a growing number of organizations. Eco‐control may represent a valuable tool to help organizations address such issues. The aim of this study is to provide an overview of the eco‐control practices adopted by Canadian organizations and to understand the antecedents and consequences of their adoption. More specifically, this study examines (i) the extent to which eco‐control practices are deployed within organizations, (ii) the factors and motivations that lead organizations to implement eco‐control practices, and (iii) the impact of adoption on firms’ managerial and operational environmental actions as well as on environmental and economic performance. Using survey data from a sample of 249 Canadian manufacturing firms, this article shows that environmental missions, environmental policies, environmental strategic planning, environmental budgets and environmental performance indicators are the most frequently adopted eco‐control practices among the investigated firms, while environmental incentives seem to be less frequently adopted. The results of this study also suggest that competitive and ethical motivations as well as size, environmental exposure and stakeholder pressure are all important factors in explaining eco‐control practice adoption by Canadian manufacturing firms. Moreover, the results of this study show that organizations that have undertaken more intensive managerial and operational environmental actions have also adopted more intensive eco‐control practices. Organizations adopting more intensive eco‐control practices perform better both environmentally and economically performance than firms adopting less intensive eco‐control practices.     

Toward The Networked City? Translating Technological ideals and Planning Models in Water and Sanitation Systems in Dar es Salaam

One of the most influential ideals for constructing and managing cities and infrastructures worldwide is that of the ‘networked city'. This ideal refers to the technological design and morphology of cities integrated and ordered by infrastructure networks and to a specific model in the operation, use and planning of infrastructures. Engineers, planners and public health officials have aspired to align with this circulating ideal of urban modernity, hygiene and rationalization of nature in (re)producing cities worldwide. Like many cities in the global South, Dar es Salaam cannot be characterized by universal access to centralized water and sewerage networks. While formal institutions, planning documents and strategies reflect significations, as well as organizational and planning models of a networked city, its urban environments are shaped by hybrid arrangements manifesting unequal access to water and sanitation services. We build on postcolonial critique in urban studies and science and technology studies to inquire into this contradiction by addressing the translation of the ideal of the networked city in Dar es Salaam. Our objective is to uncover the negotiations over the translation of this hegemonic model, and to delineate the scope of creativity in reinventing alternative urban modernities that defy simplistic notions of technology transfer.     

Did the PCAOB's 2009 Office Expansion Improve Audit Quality?*

We investigate whether the PCAOB's decision to expand the number and location of its inspection offices in 2009 improved the reliability of US audits. We use a difference-in-differences empirical design to consider the impacts of the expansion on audit quality and find that audit quality significantly improved following the PCAOB's expansion in markets where new offices opened relative to markets without an office opening. We find that the improvement in audit quality appears to be driven by auditors' reaction to real changes in PCAOB oversight and that triennially inspected auditors appear to be impacted the most by this office expansion. Our findings provide new insights into the PCAOB's operational decision-making and suggest that the regulator's additional investment in audit oversight was effective in improving audit quality.     

Economic and social correlates of handicraft selling in Tonga

Although tourism has stimulated employment opportunities in many Pacific island nations, some scholars argue that it has been at the expense of individual pride, cultural values and traditional occupations. Few scholars, however, have investigated whether such traditional occupations are actually available to all segments of contemporary Pacific island populations. Detailed examination of the economic options and activities of itinerant handicraft sellers in Tonga suggests that overpopulation and land shortages severely restrict participation in traditional occupations. Handicraft selling is consequently viewed by many Tongans as an immediate source of much needed cash, having low costs for the producer and providing freedom to participate in other socioeconomic and village activities.     

Independent Directors,Business Risk,and the Informativeness of Accounting Earnings for Debt Contracting

Using a sample of new bank loans, we investigate the impact of business risk on the usefulness of operating income after controlling for the proportion of independent directors. Consistent with the literature, our initial analyses reveal that the presence of independent directors on a board reduces the interest rate directly and indirectly through an increase in the usefulness of operating income. However, we further provide evidence that the indirect benefit of a high proportion of independent directors is reduced when we account for the presence of business risk. This suggests that studies examining the usefulness of operating income should take into account the effect of business risk. © 2018 ASAC. Published by John Wiley & Sons, Ltd.