Zeitschriftenartikel zum Thema „CAC 40 companies“

Purpose The purpose of this paper is to examine the degree of integration of reference documents (RD) produced by French CAC 40 listed companies to determine whether they have initiated the adoption of an integrated reporting (IR) approach. In particular, the author has examined how the French regulation shapes the integration of sustainable development issues within the business practices of these companies. Design/methodology/approach On the basis of content analysis of 279 RD over nine years (2006-2014), the author has examined the extent and the quality of the IR practice with the help of three criteria (strategy, governance and commitment of stakeholders). Evidence of the existence of an integration practice is thus sought using 34 CAC 40 companies having the obligation, according to various regulations, to include in their management report information relating to questions of sustainable development (SD). Findings There is a variation between the CAC 40 companies regarding integration of SD issues in the core business. As a result of the analysis, the author has observed that 41% of companies in our sample integrate issues of SD to more than 90%, whereas other companies consider concerns relating to SD as subsidiary. All of the companies (100%) have put in place policies to manage the environmental and social governance aspects, assuming recognition of the importance of these issues for the companies. Yet only a few (41%) went further than the mere declaration of intent and have revised their business processes to reflect the taking into account of all the factors which contribute to the process of value creation. On the whole, the principle of connectivity that perfectly defines the integrated character of a report is only moderately respected by the companies in the sample. Practical implications The methodology deployed in this study to identify the integration practices of listed companies in France can be replicated by other researchers who would endeavor to assess the IR practices of companies from other countries. For regulatory agencies, this study provides evidence on how the various regulations that make up a national business system shape company reporting and allow informing different categories of stakeholders. Originality/value This research provides the empirical result of a longitudinal study of the degree of integration of RDs in the context of an environment regulating non-financial reporting. The construction of a set of criteria characterizing the degree of integration of SD issues at the heart of businesses is another innovative approach of this study.

Expedited by the financial crisis and increased stakeholder activism, the demand for reliable and accountable business practices and transparency has gained momentum in the current corporate social responsibility (CSR) debate. Consequently, companies have started to become aware of the increasing importance of conveying increased transparency and accountability to stakeholders, gaining their legitimacy and establishing a positive public image through adequate CSR reporting. Since it is obligatory to disclose information on corporate financial performance and on companies’ environmental and social impact in France, this paper addresses how transparent French listed companies of the CAC 40 communicate their CSR engagement externally. To turn the latent construct ‘transparency of CSR reporting’ into a measurable value, we conduct qualitative content analysis based on the Global Reporting Initiative (GRI) guidelines. Assuming mandatory CSR reporting to increase companies’ CSR transparency in general, most of the companies communicate their corporate profile, strategy and management broadly. Whereas companies report the environmental dimension most frequently, they refer only marginally to the economic and social dimensions.

This study aims to examine the impact of characteristics of the board of directors on the performance of non-financial French companies listed on the (CAC 40) index during the period 2015-2017. We estimated the firm performance using two types of measures (the accounting and market measures). The findings of the study show that the percentage of independent directors and CEO duality had a negative impact on the performance, which is consistent with the stewardship theory and agency theory respectively, the results also show that there is a significant negative relationship between the number of the board of directors’ meetings and the firm performance.

Purpose An increasing number of business organizations around the world are engaged in the accounting reporting on non-financial performance aspects, mainly within the field of environmental responsibility. The purpose of this paper is to assess the association between environmental disclosure and environmental performance and examine the financial attributes of companies using a composite disclosure index to investigate the status of the environmental disclosure practices of the top 40 companies operating in France. Design/methodology/approach The sample used in this study consists of the 40 largest companies operating in France (index CAC 40). Findings The findings of the study show that environmental disclosure is positively associated to environmental performance. Financial attributes, such as firm size, the need for capital, profitability and capital spending, are positively associated with environmental disclosure quality. Equally, a high quality of environmental disclosure will reflect the effectiveness of corporate governance and would tend to face fewer difficulties in accessing capital markets. The authors found that firms revealed on healthcare and gas oil business sector disclose more environmental information than other industries. Originality/value A web-based search was performed during the fourth quarter of 2014, locating the corporate websites of the sample firms. The sample period is 2011-2013 (108 firm-year observations).

Against the background of Index listed companies, for example the Paris Stock Exchange (Euronext) CAC 40 ESG Index, New York (NY) Stock Exchange iShares Core MSCI World UCITS ETF Index and the Johannesburg Stock Exchange (JSE) Equity Fund or Index, this article will review similarities in ESG metrics disclosures relevant to each index and whether a stock exchange could rate an index for ESG compliance without making use of an external rating company, for example MSCI. This article also discusses the method used by MSCI to rate listed companies for ESG compliance and whether asset or fund managers could rate their investment portfolios independently from a stock exchange. In this regard, three asset managers – BNP Paribas, Blackrock and Old Mutual – are examined for similarities in their ESG rating processes. In addition, this article explains whether the above stock exchanges are using the same ESG metrics or not. Paris Stock Exchange, New York Stock Exchange, Johannesburg Stock Exchange, ESG, asset manager index, asset manager ESG compliance, ESG rating, United Nations Sustainable Stock Exchanges Initiative

Purpose: This paper aims to extend and contributes to prior French research on the determinants of the timing of dividend payment. It seeks to investigate the impact of ownership structure, duality of the manager as chairman and president of the board, liquidity, size and growth opportunities, profitability, variation of the amount of dividend on the real timing of dividend payment.Design/methodology/approach: Using a panel of French listed firms from 2003 to 2008, the paper uses a cox regression to investigate the relationship between the corporate determinants and the timing of dividend payment.Finding: The paper finds that large shareholders influence the timing of dividend payment but there is no significant relationship between the duality of the manager and the fixing of the dividend payment. The finding is consistent with agency theory since rapid dividend payment can be employed for mitigating agency conflict as timing of dividend payment can be substituted for shareholder monitoring. Further, the empirical results reveal that Cox regression is more appropriate in explaining the duration of dividend payment with variables associated to corporate governance and ownership structure.Originality/value: The paper contributes to prior research related to the timing of dividend payment by being the first French study to examine the determinants of the timing of dividend payment for listed companies in CAC 40.

This study highlights some deficiencies of the stock markets’ risk legislation framework, and particularly the CESR (2010) guidelines. We show that the current legislative framework fails to offer incentives to financial management companies to invest in advanced models for more representative Value at Risk (VaR) estimations, and for this reason, in many cases conventional VaR models are applied. We use data from the DAX, CAC 40, FTSE, FTSEMIB and IBEX indices, and then we apply them to the widely accepted Delta Normal VaR model. The empirical findings show that the conventional VaR models not only fail to provide information for the upcoming financial crises, but also contribute to such phenomena as procyclicality and overreaction in the stock market. We suggest additional tests and we empirically show how these tests could reduce the procyclicality issue and promote a more sustainable investment environment. Even though this study is mainly focused on CESR (2010) guidelines, it could be useful for any similar legislative framework, such as the Basel Accords.

Purpose The purpose of this paper is to explore the connection between CSR and competition to contribute to the CSR concept through analysis of the conditions for its implementation. While fierce global competition has negative environmental and social impacts and may lead large companies to act irresponsibly, corporate social responsibility (CSR) academic literature, especially stakeholder theory, pays little attention to competition and market pressure. It only highlights the competitive advantage a CSR strategy represents for companies. Design/methodology/approach This work draws upon the academic literature in economics and strategic management, on mainstream CSR papers and on the official disclosure and communication from companies listed on the “CAC 40” of the French stock market. In this paper, the authors use the definition of corporate responsibility which integrates companies’ environmental and social concerns into all their activities. Findings The following three major findings arise. First, on a theoretical level and in terms of corporate disclosure on CSR, a large gap in how the economic view and the CSR view of competition are represented was noticed. Second, the limitations of the competitive advantage obtained by CSR strategy was observed while the “demand for virtue” is weak even if the stakeholders’ “expectations” for responsible practices are strong. The author proposes a typology of CSR strategies related to competitive situations. Third, the author underlines the paradox of the CSR competitive advantage: specifically, it is gained only if not imitable; i.e. if companies prevent the mimetic practices which could spread best practices for sustainable development. Originality/value This paper highlights the limits of the CSR concept within the liberal paradigm. The authors argue that the mainstream theoretical CSR framework based on the hypothesis of the convergence between firms’ objectives and the common interest is not relevant. The framework of the neo-institutional theory is more appropriate to analyse the mimetic behaviour in competitive markets and corporate commitments in sector-based codes of conduct that define new norms of social quality.

Purpose This study aims to examine whether the internal control system quality in the French context improve the information quality having been reflected by the level of real earnings management (REM) measured by inventory overproduction, discretionary expenses reduction and sales manipulation. Design/methodology/approach The research uses a multiple regression analysis to examine the association between internal control and REM. The years 2010-2015 are used as analysis period by focusing on the French context. Three panel data are applied to the companies belonging to the Cotation Assistée en Continu (CAC) 40 index for the entire study period. Findings The results show that high internal control index has a negative impact on the REM and that better internal control indeed makes financial reporting more credible to investors. Further, the results demonstrate that control environment, risk assessment, control activities and monitor are the components that mainly affect REM. Originality/value The results contribute to the literature dealing with the relationship between internal control quality and REM by shedding light on the importance of internal control quality in improving information quality in the French context. Moreover, this study is using a quantitative measure of the internal control quality while much of the prior literature uses material weaknesses to estimate the effectiveness of internal control system.

Purpose The purpose of this paper is to understand how external auditors communicate with audit committees (ACs). Design/methodology/approach A total of 53 interviews were conducted with participants in the ACs of 22 French companies listed in the CAC 40 index, including external and internal auditors, CFOs, AC chairpersons, and members. Findings In multiple accountability relationships, external auditors sit in the middle. They therefore use impression management (IM). While AC members expect them to be transparent, they are also expected to preserve managers’ “face” by sustaining impressions of consistency. The construction of impressions of consistency and transparency takes place mainly backstage, through time-consuming teamwork shared by auditors and CFOs. External auditors have power to make things transparent, but the use of such power is tricky, because it can damage relationships with CFOs. External auditors have a difficult “discrepant role” (Goffman, 1959) to play. Practical implications This study provides insights into what occurs behind the scenes with ACs, which can help regulators think deeper about relationships between external auditors and ACs. Originality/value This research makes contribution to governance, IM, and AC literature. It analyzes the AC process from external auditors’ – rather than AC members’ – points of view. Highlighting the AC process backstage, it shows that IM can be carried out collectively toward an internal rather than external audience and demonstrates that external auditors practice rather than limiting IM.

Procuramos identificar os critérios que conduzem à seleção para investigação de determinadas patologias. O objetivo é verificar se tais critérios são adequados às necessidades de investigação em saúde e respondem aos problemas globais de saúde pública. Tentámos confrontar o que diz a informação científica publicada com a nossa experiência na Comissão de Ética para a Investigação Clínica. Na maioria dos repositórios consultados, há poucas referências a prioridades ou seleção de prioridades, reportando-se a aspetos concretos de patologias específicas. O motor de busca EuropePMC identifica perto de 40 mil entradas, sendo o mais significativo que encontrámos. Analisámos alguns dos artigos pela abordagem ética, metodológica para a investigação médica e suas prioridades, nomeadamente, a participação dos pacientes. A interação entre medicamentos antirretrovirais e o consumo de drogas injetáveis e a inclusão de pacientes UDI em ensaios clínicos só foram investigadas pelas companhias farmacêuticas (e pelos próprios investigadores), pelo confronto e pressão dos principais Community Advisory Boards (CAB), nomeadamente o European CAB. A seleção e arbitragem entre patologias para a investigação não parecem despertar muito interesse por parte de investigadores e da Academia. São os financiadores da investigação, entidades, públicas ou privadas, com ou sem fins lucrativos, que selecionam as áreas a investigar. Nas empresas farmacêuticas, é o retorno económico: doenças de países e regiões de baixos recursos ou raras não têm um mercado. Têm sido as organizações multilaterais e fundações de âmbito global, com os seus financiamentos, a definir as prioridades das investigações em áreas de maior impacto global e social.

The anti-CD20 monoclonal antibody (mAb) rituximab in combination with chemotherapy has improved outcomes for patients with CD20+ B-cell lymphoma. Obinutuzumab was developed as an anti-CD20 mAb with enhanced induction of direct B-cell death and antibody-dependent cellular cytotoxicity. In direct comparison to rituximab, improved outcomes with obinutuzumab have been observed for chronic lymphocytic leukemia (CLL) and follicular lymphoma (FL), but not for diffuse large B-cell lymphoma (DLBCL). The molecular basis behind these discrepancies remained unknown. Our aim was to define intracellular signaling events in the induction of direct B-cell death upon rituximab and obinutuzumab treatment. We performed LC-MS/MS phosphoproteomics on SU-DHL4 lymphoma cells treated with rituximab or obinutuzumab (0, 1 and 24 h time-points). Kinase activities were inferred by kinase-substrate enrichment analysis linking kinases to their phosphosite substrates. Immunoblotting was done where necessary to understand the nature of specific signaling events. The activity of 41 and 40 protein kinases was altered upon rituximab or obinutuzumab treatment, respectively, 32 of which were affected by both mAbs. Pathway enrichment analyses revealed up-regulated B-cell receptor (BCR) signaling and down-regulated cell cycle progression with both treatments. To delineate differences between the two mAbs we investigated signaling events in the BCR cascade in more detail. The proximal BCR kinase SYK was strongly phosphorylated on Tyr352 by both mAbs, whereas SYK Tyr525/526 phosphorylation, essential for normal kinase function, was detectable at a low level only with rituximab. Phospho-SYK Tyr352 in the absence of phospho-SYK Tyr525/526 has been associated with autoimmune checkpoint activation and B-cell apoptosis. Both mAbs phosphorylated the key BCR kinase BTK on Tyr551 but not on Tyr223. The latter site was essential for full kinase activity and, in line with incomplete BTK activation, downstream PCLγ2 phosphorylation was delayed. No evidence was found for PLCγ2 dependent de-phosphorylation of NFAT2/NFAT3 and PKCβ activation. Instead, we observed NFAT1 de-phosphorylation and PKCδ activation, both of which have been associated with an anergic B-cell reaction. The MAPK pathway and MYK were strongly activated by both mAbs serving as potent inducers of cell death in the absence of pro-survival signals. To determine if pro-survival signals were generated, we assessed PI3K and NF-κB activation. While we found no evidence for NF-κB activation, differences in the phosphorylation status of PI3K binding sites on CD19 and BCAP suggest stronger PI3K activation by rituximab than obinutuzumab. In keeping with this, the PI3K effector AKT was much more strongly activated by rituximab. AKT activity was likely also increased by Ca2+-flux following rituximab but not obinutuzumab treatment and modified by differential SHIP1 phosphorylation, a phosphatase that hydrolyzes PI3K-generated PIP3. A central AKT target in apoptosis regulation is BAD. We found increased BAD Ser99 and Ser118 phosphorylation only after rituximab treatment. Rituximab thereby sequestered BAD in the cytosol and impaired its inhibitory effects on anti-apoptotic BCL-2 and BCL-xL. Moreover, signaling events protecting against caspase 2 activation were exclusively found for rituximab. In summary, here we show that rituximab and obinutuzumab both induce BCR signaling capable of promoting B-cell apoptosis. However, rituximab generates signals that increase anti-apoptotic BCL-2 effects and diminish B-cell death, whereas obinutuzumab more readily overcomes resistance through BCL-2 overexpression characteristic for FL and CLL. The differences found between rituximab and obinutuzumab are likely less pronounced in cases with strong tonic BCR signaling, which is more prevalent in DLBCL. Thus, our findings provide a mechanistic rationale for the observations made in clinical trials comparing rituximab and obinutuzumab head-to-head. We believe that our results will help to identify new patient subgroups benefitting from obinutuzumab and to better assess the role of anti-CD20 treatment in combination therapies. Disclosures Vilventhraraja: Janssen Pharmaceutical Companies: Employment. Döhner:AbbVie, Agios, Amgen, Astellas, Astex, Celator, Janssen, Jazz, Seattle Genetics: Consultancy, Honoraria; AROG, Bristol Myers Squibb, Pfizer: Research Funding; Celgene, Novartis, Sunesis: Honoraria, Research Funding. Gribben:Acerta/Astra Zeneca: Consultancy, Honoraria, Research Funding; Celgene: Consultancy, Honoraria, Research Funding; Abbvie: Consultancy, Honoraria, Research Funding; Janssen: Consultancy, Honoraria, Research Funding.

This study aimed to examine and analyze the effects of financial technology, e-commerce, financial literacy, and the use of accounting information systems with accounting knowledge as a moderating variable. This research was a quantitative study with data collection methods using questionnaires and measurements with a Likert scale. The population in this study was Micro, Small, and Medium Enterprises in the Batang trading sector. This study used purposive sampling. The sample used in this study was 86 respondents. The data analysis technique used in this study was multiple regression analysis with SPSS 16. The results showed that, partially, e-commerce and financial literacy had a significant negative effect on the performance of micro, small and medium enterprises. The use of accounting information systems had a significant positive effect on the performance of micro, small and medium enterprises. Meanwhile, financial technology had no significant effect on the performance of micro, small and medium enterprises. Simultaneously, financial technology, e-commerce, financial literacy, and the use of accounting information systems had significant effects on the performance of micro, small and medium enterprises. After being moderated, accounting knowledge could moderate the correlation between financial technology, e-commerce, and the performance of micro, small and medium enterprises. Meanwhile, accounting knowledge could not moderate the correlation between financial literacy, the use of accounting information systems, and the performance of micro, small and medium enterprises. REFERENSI Abdillah, M., Primasari, D., & Widianingsih, R. (2019). Pengaruh Strategi Bisnis, Kemampuan Manajerial dan Pengetahuan Akuntansi Pelaku UMKM Terhadap Kinerja UMKM Bidang Kuliner di Kabupaten Purbalingga. Jurnal OPTIMUM, 9(2), 145–157. Agustina, L., & Kurniawan, F. (2018). 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Media Ekonomi dan Manajemen, 34(1).

Purpose This study aims to examine the relationship between corporate social responsibility (CSR) award and sustainability assurance levels for the French CAC 40 companies. Design/methodology/approach A sample of 57 French companies in the CAC 40 index corresponding to 448 observations was analyzed between 2008 and 2020 using an ordinal regression. Findings The main results conclude that the inclusion in the Dow Jones Sustainability Index World, the CSR award and the introduction of the Grenelle 2 law have a significant influence on sustainability assurance levels. However, incentive compensation does not appear to be relevant to explain sustainability assurance levels. Research limitations/implications The present study focuses on a sample, limited to companies belonging to the CAC 40 index. To enhance the understanding of sustainability assurance levels, this research may include other global sustainability indices, such as the MSCI World and the FTSE4Good World, in the CSR awards. Practical implications This study could be useful for audit practitioners, leading them to reconsider their evaluation methods and take into account CSR incentives for a more objective analysis. Regulators should investigate the current CSR issues to improve CSR disclosure standards. Finally, these findings could motivate other researchers to expand the scope of the research to diverse contexts. Originality/value This study helps fill the gap existing in sustainability assurance literature by highlighting the relationship between CSR rewards and sustainability assurance levels.

Purpose This paper aims to examine the impact of CEO (chief executive officer) compensation and CEO attributes on the level of tax aggressiveness of French companies. Design/methodology/approach The sample comprises 180 firm-year observations of 40 companies listed on the CAC 40 during the period ranging from 2008 to 2018. For the purpose of overcoming the problems of heteroscedasticity and autocorrelation, the authors apply the generalized least square panel regression. Findings This study’s results corroborate the importance of CEO compensation and CEO attributes as determinants of tax aggressiveness. In addition, the authors come up with the fact that CEO compensation has a negative effect on tax aggressiveness, and that older CEOs and CEOs with accounting expertise are negatively linked with tax aggressiveness. The authors also find out that there is a positive relationship between the CEO tenure and tax aggressiveness. Moreover, the authors report that foreign CEOs are more likely to engage in tax aggressiveness practices than local CEOs. Research limitations/implications The unavailability of all annual reports and the use of only one proxy to measure tax aggressiveness present limitations. This study shows significant implications for shareholders, regulators and researchers. As a matter of fact, shareholders will observe the effect of appointing a foreign CEO on the tax aggressiveness level. This study may also provide regulators with new ideas regarding the role of the CEO and its impact on aggressive decision-making. And it brings forth new insight for researchers through adding a foreign CEO as a new determinant of tax aggressiveness. Originality/value According to the authors’ knowledge, this study is the first to provide empirical evidence regarding the effect of both CEO compensation and CEO attributes on tax aggressiveness. It also looks into the impact of a foreign CEO on tax aggressiveness.

PurposeThe goal of this study is to investigate the predictive performance of the machine and deep learning methods in predicting the CAC 40 index and its 40 constituent prices of the French stock market during the COVID-19 pandemic. The study objective in forecasting the CAC 40 index is to analyze if the index and the individual prices will preserve the continuous increase they acquired at the beginning of the administration of vaccination and containment measures or if the negative effect of the pandemic will be reflected in the future.Design/methodology/approachThe authors apply two machine and deep learning methods (KNN and LSTM) and compare their performances to ARIMA time series model. Two scenarios have been considered: optimistic (high values) and pessimistic (low values) and four periods are examined: the period before COVID-19 pandemic, the period during the COVID-19, and the period of vaccination and containment. The last period is divided into two sub-periods: the test period and the prediction period.FindingsThe authors found that the KNN method performed better than LSTM and ARIMA in forecasting the CAC 40 index for both scenarios. The authors also identified that the positive effect of vaccination and containment outweighs the negative effect of the pandemic, and the recovery pattern is not even among major companies in the stock market.Practical implicationsThe study empirical results have valuable practical implications for companies in the stock market to respond to unexpected events such as COVID-19, improve operational efficiency and enhance long-term competitiveness. Companies in the transportation sector should consider additional investment in R&D on communication and information technology, accelerate their digital capabilities, at least in some parts of their businesses, develop plans for lights out factories and supply chains to keep pace with changing times, and even include big data resources. Additionally, they should also use a mix of financing sources and securities in order to diversify their capital structure, and not rely only on equity financing as their share prices are volatile and below the pre-pandemic level. Considering portfolio allocation, the transportation sector was severely affected by the pandemic. This displays that transportation equities fail to be a candidate as a good diversifier during the health crisis. However, the diversification would be worth it while including assets related to the banking and industrial sectors. On another strand, the instability of this period induced an informational asymmetry among investors. This pessimistic mood affected the assets' value and created a state of disequilibrium opening up more opportunities to benefit from potential arbitrage profits.Originality/valueThe impact of COVID-19 on stock markets is significant and affects investor behavior, who suffered amplified losses in a very short period of time. In this regard, correct and well-informed decision-making by investors and other market participants requires careful analysis and accurate prediction of the stock markets during the pandemic. However, few studies have been conducted in this area, and those studies have either concentrated on some specific stock markets or did not apply the powerful machine learning and deep learning techniques such as LSTM and KNN. To the best of our knowledge, no research has been conducted that used these techniques to assess and forecast the CAC 40 French stock market during the pandemic. This study tries to close this gap in the literature.

PurposeThis study aims to analyze the relationship between a firm’s use of aggressive tax planning and board of directors (independence and size) and audit committee characteristics (independence and expertise).Design/methodology/approachThis study used archival data from 35 non-financial firms’ French firms listed on the CAC 40 over a period of 5 years (2013–2018).FindingsThis study shows that measures of board size are negatively related to tax aggressiveness. A broader board helps reduce tax aggressiveness, as having more members can improve board performance. Indeed, more members can contribute to a better assessment of tax risks and detect risky tax strategies.Research limitations/implicationsThe main limitation of this study is the small sample. The authors limited the observations to 2018 because the corporate tax rate in France changed in 2019. Such a time window casts homogeneity on the current study. Examining universal registration documents, it has been noted that companies have only recently become interested in disclosure of tax risk.Practical implicationsKnowing the characteristics of the board and audit committees can give a signal to stakeholders about the potential risk bearing on aggressive tax planning. This study provides evidence that could help the board governance committees integrate the right profiles and to raise awareness among the members of the board of directors and the audit committee to play their role (monitoring function or advisory function) about tax risk management.Originality/valueAccording to the authors’ knowledge, this study is the first to provide empirical evidence regarding the effect of the board of directors and audit committee characteristics on tax aggressiveness.

The objective of this article is to analyze the impact of the early adoption of IFRS on the value relevance of accounting information among the CAC 40 listed companies.In our study we adopted the Ohlson (1995) models in order to study the value relevance of accounting information. Our data was collected manually .The period 2002-2004 was used as the pre anticipation of the IFRS and the period 2004-2006 was used as the post anticipation of the IFRS .The problem therefore of our research is the following is: What is the effect of the early adoption of IFRS on the quality of the accounting information?In the study, our estimates focused on two panels: panel A and panel B. After analyzing the various estimates we found that the early adoption of IFRS has enabled companies in panel A, companies which adopted IFRS in an anticipated manner, to provide investors with accounting information with greater value relevance compared to the companies of panel B.Thanks to this study we can confirm that the early adoption of IFRS significantly enhanced the quality of accounting information for panel A.

PurposeThis study elucidates the interactive relationship of sustainability assurance (SA) quality with corporate environmental sustainability performance (CESP) and firm value and explores the moderating impact of CESP on the SA quality–firm value relationship.Design/methodology/approachThe sample comprises 320 firm-year observations of 40 companies listed on the Cotation Assistée en Continu (CAC 40) from 2010 to 2019. The authors use the simultaneous equations model to capture the CESP and SA quality–firm value relationship and apply the three-stage regression and generalised method of moments approaches to address possible endogeneity.FindingsThe results show that CESP, as assessed by International Organisation for Standardisation (ISO) 14001 certification, has a significant positive effect on firm value, the relevance of which implies that in the case of good environmental performance, society's perception of a firm is much more favourable; consequently, the firm is likely to be rewarded with a premium value in capital markets. In addition, environmental performance has a stronger interaction with SA quality, acting as a moderator variable; thus, greater SA quality signals credibility owing to increased eco-efficiency. The authors interpret their findings within a multi-theoretical framework that draws insights from legitimacy, stakeholders and signalling theoretical perspectives.Originality/valueThis study contributes to the literature by re-examining the relationship between SA quality and firm value. It also provides new evidence of the moderating effect of CESP on the SA quality–firm value nexus. Specifically, this study explores the joint effects of credibility and eco-efficiency on market confidence in sustainability information. The authors use a simultaneous equation model to capture the reciprocal association between SA quality and firm value, whereas prior studies on SA quality and market performance have frequently used single-equation regression. The authors also find that CESP positively moderates the relationship between SA quality and firm value. Including CESP and exploring the moderating impact of eco-efficiency on the SA quality–firm value relationship is a novel approach.

The article analyzes the impact of 44 different factors on the change in the price of bitcoin, such as: yields on US one-year bonds, prices for futures on palladium, platinum, gold, silver, copper, Chinese stock indices, German stock index DAX, French index CAC 40, stock indices of South Africa, India, Mauritius, England, Switzerland, Sweden, South Korea, etc. The most influential factors were selected, with the help of which two regression models were built. The presence of insignificant factors in the first model led to the need to consider the second one, which is much better. The second model lacks multicollinearity, but there are autocorrelation of residues and heteroscedasticity. There was an attempt to eliminate autocorrelation of residues, but it led to a significant reduction in the coefficient of determination to 22%. An attempt to explain the causality of the Bitcoin exchange rate to the KOSPRI index has been made. South Korea is a country, which actively cooperates with two main leaders in Bitcoin mining, namely China, where 65 % of new bitcoins are created, and the United States – 23 % of new bitcoins. Modern economic leaders actively influence not only the economy of their country, but also other economies. Korean companies are actively penetrating both the Chinese economy and the US national economy, which determines their impact on Bitcoin mining, as a large amount of necessary electronics is produced by South Korean companies such as SK hynix Inc. As for the palladium futures rate, palladium is a metal which is actively used in production of the electronics needed to mine bitcoin. Prospects for further research depend on trends in the price of bitcoin. It is possible that the price of the cryptocurrency Bitcoin will gradually rise, as some corporations begin to recognize Bitcoin as a means of payment for goods and services. This will increase demand and, as a result, prices. The confidence of large companies in Bitcoin will indicate the reliability of the cryptocurrency, which in turn will give confidence to minority investors in the need to add cryptocurrency to investment portfolios. The rise in prices will indicate the need to study the impact of various factors on changes in the price of Bitcoin. If the popularity of cryptocurrency begins to wane, it will lead to a rapid loss of its price. This development option will indicate the inexpediency of continuing to study the relationship of this cryptocurrency with these factors and the need to find other ones.

Purpose Although the association between sustainability assurance (SA) quality and firm value has been examined in previous studies, the moderating relationship is novel in this study and highlights the effect of corporate environmental sustainability performance (CESP) on the relationship between SA quality and firm value. This study aims to examine whether such an effect is strengthened or weakened by eco-efficiency, as measured by ISO 14001 certification, aggregate CESP score and each individual dimension of CESP (emission reduction [ER], resource reduction [RR] and product innovation [PI]). Design/methodology/approach The sample includes 40 companies in Euronext Paris with the largest market capitalisations (the Cotation Assistée en Continu 40 [CAC 40] index) from 2010 to 2020. The authors apply the feasible generalised least squares regression technique to estimate all the regression models. Because observed associations may be biased by reverse causation or self-selection, the authors use the instrumental variable approach and Heckman two-stage estimation. Findings The results show that SA quality had a positive and significant effect on firm value. Second, the authors demonstrate that CESP, as assessed by ISO 14001 certification, has a stronger interaction with assurance quality and acting as a moderator variable. Using the ASSET4 scores, an alternative proxy for CESP, the authors find inconsistent evidence regarding the impact of CESP attributes. The CESP and ER scores are homogeneous and have a positive effect on firm value. However, the PI and RR CESP attributes are not homogenous and do not have the same interactive effect on firm value. The results are robust to the use of an instrumental variable approach and the Heckman two-stage estimation procedure. Research limitations/implications Policy implications: Regulators may be interested in the findings when considering current and future assurance requirements for sustainability reporting, and shareholders when considering SA as an investment choice criterion. The insights into and enhanced understanding of the incentives for obtaining high SA quality can help policymakers develop effective policies and initiatives for SA. Considering the possible improvements in sustainability performance when obtaining a high level of sustainability verification, governments need to consider mandating SA. Practical implications Firms receive clear confirmation of the importance of investing in SA quality. Financial markets do not evaluate SA dichotomously but reward companies with higher SA quality because of the greater credibility it provides. Firms should allocate a significant percentage of their annual budgets and other relevant resources to environmental training and development programmes to improve and maintain environmental performance. If they care about environmental issues, they must announce this by issuing sustainability reports and seeking assurance of the information disclosed. High-quality assurance not only has a significant effect on investors’ investment reliability judgements but also the perceived credibility of environmental performance fully moderates the effect of assurance on these judgements. Social implications This study has social implications; the authors find that the French market rewards firms that provide a high-quality assurance to guarantee the integrity of their sustainability reports. Therefore, by incorporating environmental sustainability into their financial goals, a better assurance ultimately will urge firms to move from green washing to strategic goals, which is beneficial for society. Further, firms that focus on sustainability as part of their business strategy may attract employees who engage in green behaviours at work and create a friendlier and productive environment because it gives meaning to the work they do and keeps them engaged to the level needed to perform their jobs capably. Originality/value This study contributes to the literature by re-examining the relationship between SA quality and firm value. It also provides new evidence on the moderating effect of CESP on the SA quality–firm value nexus. Specifically, it explores the joint effect of credibility and eco-efficiency on market confidence in sustainability information.

AbstractThe Brazilian city of Curitiba became known around the world for pioneering bus rapid transit (BRT) in the 1970s. Five decades later, public transport ridership is declining on the city’s bus-based system. One-person car trips and car ownership are soaring, and services provided by transport network companies rapidly proliferate and then disappear as congestion worsens and expands across the road network. This was the macro-scale scenario for mobility and modal trends in Curitiba until COVID-19 brought things to a screeching halt in 2020. The widespread use of information and communication technologies has allowed taxi and car ride-hailing transport network schemes to emerge while blurring the lines between public and private and individual and collective transport, locally as well as globally. In 2016, transport network company systems, apps, private cars, services, drivers and passengers disrupted Curitiba’s longstanding and well-regulated taxi system and market for licenses. In 2023, hailing a cab or a shared ride feels and costs the same for passengers (now customers). This study investigates whether these actors and technologies compete with or complement each other in this city, locating and quantifying the benefits for passengers of merging taxi and car ridesharing with the BRT system as first- and last-mile transport to and from BRT corridors. We developed mobile information and communication technologies and acquired, processed, and analyzed millions of data points for passenger location on BRT, ordinary bus, and taxi trips at the city scale. The shareability index for Curitiba’s taxi or car rides was calculated, demonstrating that 60% of all taxi trips have the potential to serve as first- and last-mile transport solution to and from the BRT terminals, stations, and corridors and that nearly 40% of taxi trips both originate and end near (< 500 m) this BRT system infrastructure. By envisioning how transport network companies could merge into the built environment thanks to urban transport digitization, we have developed a model for integrating public transport with the analytic framework of transport network companies that could be deployed in other cities with similar challenges related to public transport, sociotechnical arrangements, system complexity, policymaking, and planning.

Summary In an era of increasing energy demand, declining oil fields, and fluctuating crude oil prices globally, most oil companies are looking forward to implementing cost-effective and environmentally sustainable enhanced oil recovery (EOR) techniques such as low salinity waterflooding (LSWF) and microbial EOR (MEOR). The present study numerically investigates the combined influence of simultaneous LSWF and microbial flooding for in-situ MEOR in tertiary mode within a sandstone core under spatiotemporally varying pH and temperature conditions. The developed black oil model consists of five major coupled submodels: nonlinear heat transport model; ion transport coupled with multiple ion exchange (MIE) involving uncomplexed cations and anions; pH variation with salinity and temperature; coupled reactive transport of injected substrates, Pseudomonas putida and produced biosurfactants with microbial maximum specific growth rate varying with temperature, salinity, and pH; relative permeability and fractional flow curve variations owing to interfacial tension (IFT) reduction and wettability alteration (WA) by LSWF and biofilm deposition. The governing equations are solved using finite difference technique. Operator splitting and bisection methods are adopted to solve the MIE-transport model. The present model is found to be numerically stable and agree well with previously published experimental and analytical results. In the proposed MIE-transport mechanism, decreasing injection water (IW) salinity from 2.52 to 0.32 M causes enhanced Ca2+ desorption rendering rock surface toward more water-wet. Consequently, oil relative permeability (kro) increases with &gt;55% reduction in water fractional flow (fw) at water saturation of 0.5 from the initial oil-wet condition. Further reducing IW salinity to 0.03 M causes Ca2+ adsorption shifting the surface wettability toward more oil-wet, thus increasing fw by 52%. Formation water (FW) salinity showed minor impact on WA with &lt;5% decrease in fw when FW salinity is reduced from 3.15 to 1.05 M. During low-salinity augmented microbial flooding (LSAMF), biosurfactant production is enhanced by &gt;63% on reducing IW salinity from 2.52 to 0.32 M with negligible increase on further reducing IW and FW salinities. This might be owing to limiting nonisothermal condition (40 to 55°C), dispersion, sorption, and microbial decay. During LSAMF, maximum biosurfactant production occurs at microbial maximum specific growth rate of 0.53 h-1, mean fluid velocity of 2.63×10-3 m h-1 and initial oil saturation of 0.6, thus resulting in significant WA, increase in kro by &gt;20%, and corresponding fw reduction by &gt;84%. Moreover, the EOR efficiency of LSAMF is marginally impacted even on increasing the minimum attainable IFT by two orders of magnitude from 10-3 to 10-1 mN m-1. Though pH increased from 8.0 to 8.9, it showed minor impact on microbial metabolism. Formation damage owing to bioplugging observed near injection point causing increase in fw by ~26% can be mitigated by adopting suitable well-stimulation strategies during the LSAMF run time. The present study is a novel attempt to show synergistic effect of LSAMF over LSWF in enhancing oil mobility and recovery at core scale by simultaneously addressing complex crude oil-brine-rock (COBR) chemistry and critical thermodynamic parameters that govern MEOR efficiency within a typical sandstone formation. The present model with relatively lower computational cost and running time improves the predictive capability to preselect potential field candidates for successful LSAMF implementation.

The Coming of Coffee Before World War II, Australians followed British tradition and largely drank tea. When coffee challenged the tea drinking habit in post-war Australia, the tea industry fought back using the most up-to-date marketing techniques imported from America. The shift to coffee drinking in post-war Australia is, therefore, explored through a focus on both the challenges faced by the tea industry and how that industry tackled the trend towards coffee. By focusing on the Australian Tea Council’s marketing campaign promoting tea as a fashionable drink and preferable to coffee, this article explores Australia’s cultural shift from tea drinking to coffee drinking. This complex and multi-layered transition, often simply explained by post-war migration, provides an opportunity to investigate other causal aspects of this shift. In doing so, it draws on oral histories—including of central figures working in the tea and coffee industries—as well as reports in newspapers and popular magazines, during this period of culinary transition. Australians always drank coffee but it was expensive, difficult and inconsistent to brew, and was regarded as a drink “for the better class of person” (P. Bennett). At the start of World War II, Australia was second only to Britain in terms of its tea consumption and maintaining Australia’s supply of tea was a significant issue for the government (NAA, “Agency Notes”). To guarantee a steady supply, tea was rationed, as were many other staples. Between 1941 and 1955, the tea supply was under government control with the Commonwealth-appointed Tea Control Board responsible for its purchase and distribution nationwide (Adams, “From Instant” 16). The influence of the USA on Australia’s shift from tea-drinking has been underplayed in narratives of the origins of Australia’s coffee culture, but the presence of American servicemen, either stationed in Australia or passing through during the war in the Pacific, had a considerable impact on what Australians ate and drank. In 2007, the late John Button noted that:It is when the countries share a cause that the two peoples have got to know each other best. Between 1942 and 1945, when Australia’s population was seven million, one million US service personnel came to Australia. They were made welcome, and strange things happened. American sporting results and recipes were published in the newspapers; ‘The Star-Spangled Banner’ was played at the start of theatre and concert performances. Australians were introduced to the hot dog; Americans, reluctantly, to the dim sim. 10 or 15 years after the war, there were stories of New York cab drivers who knew Australia well and spoke warmly of their wartime visits. For years, letters between Australia and the US went back and forth between pen friends […] following up friendships developed during the war. Supplying the daily ration of coffee to American servicemen was another concern for the Australian government as Australia had insufficient roasting capacity to supply this coffee—and so three roasting machines were shipped to Australia to help meet this new demand (NAA, MP5/45 a). To ensure a steady supply, coffee too came under the control of the Tea Controller and the Tea Control Board became the Tea and Coffee Control Board. At this time, civilians became more aware of coffee as newspapers raised its profile and Australian families invited American servicemen in their homes. Differences in food preferences between American servicemen and Australians were noticed, with coffee the most notable of these. The Argus reported that: “The main point of issue in these rival culinary fancies is the longstanding question of coffee” (“Yanks Differ” 8). It concluded that Australians and Americans ate the same foods, only prepared in different ways, but the most significant difference between them was the American “preference for coffee” (8). When Australian families invited hosted servicemen in their homes, housewives needed advice on how to make prepare coffee, and were told:One of the golden rules for hostesses entertaining American troops should be not to serve them coffee unless they know how to make it in the American fashion [...] To make coffee in the proper American fashion requires a special kind of percolating. Good results may be obtained by making coffee with strong freshly ground beans and the coffee should be served black with cream to be added if required (“Coffee for Americans” 5). Australian civilians also read reports of coffee, rather than tea, being served to Australian servicemen overseas, and the following report in The Argus in 1942 shows: “At Milne Bay 100 gallons of coffee were served to the men after pictures had been shown each night. Coffee was not the only comfort to be supplied. There were also chocolate, tobacco, toothpaste, and other articles appreciated by the troops” (“Untitled” 5). Due largely to tea rationing and the presence of American servicemen, Australia’s coffee consumption increased to 500 grams per person per annum between 1941 and 1944, but it also continued to rise in the immediate post-war period when the troops had departed (ABS). In May 1947, the Tea (and Coffee) Controller reported an increased consumption of 54 per cent in the two years after the war ended (NAA, MP5/45 b). Tea Loses Its Way Australian tea company and coffee roaster, Bushells, had an excellent roast and ground coffee—Bushells Pure Coffee—according to Bill Bennett who worked for the company from 1948 to 1950 (B. Bennett). It was sold freshly roasted in screw-top jars that could be re-used for storage in the kitchen or pantry. In 1945, in a series of cartoon-style advertisements, Bushells showed consumers how easy it was to make coffee using this ground beans, but the most significant challenge to tea’s dominance came not with this form of coffee, but in 1948 with the introduction of Nestlé instant coffee. Susie Khamis argues that “of all the coffee brands that vied for Australians’ attention, Nestlé was by far the most salient, by virtue of its frequency, timeliness and resonance” (218). With Nestlé instant coffee, “you use just the quantity you need for each cup and there are no grounds or sediment. Nescafé made perfect full-flavoured coffee in a matter of seconds” (Canberra Times). Figure 1. Advertisement for Nestlé Coffee. The Canberra Times 5 Aug. 1949: 2. Figure 2. Advertisement for Bushells Coffee. The Argus 22 Aug. 1945: 11. Instant coffee, as well as being relatively cheap, solved the “problem” of its brewing and was marketed as convenient, economical, and consistent. It also was introduced at a time when the price of tea was increasing and the American lifestyle had great appeal to Australians. Khamis argues that the discovery of instant coffee “spoke to changes in Australia’s lifestyle options”, noting that the “tea habit was tied to Australia’s development as a far-flung colonial outpost, a daily reminder that many still looked to London as the nation’s cultural capital; the growing appeal of instant coffee reflected a widening and more nuanced cultural palate” (218). Instant coffee, modernity, America, and glamour became thus entwined in a period when Australia’s cultural identity “was informed less by the staid conservatism of Britain than the heady flux of the new world glamour” (Khamis 219). In the 1950s, Australians were seduced by espresso coffee presented to them in imaginatively laid out coffee lounges featuring ultra modern décor and streamlined fittings. Customers were reportedly “seduced by the novelty of the impressive-looking espresso machines, all shining chrome and knobs and pressure gauges” (Australasian Confectioner and Restaurant Journal 61). At its best, espresso coffee is a sublime drink with a rich thick body and a strong flavour. It is a pleasure to look at and has about it an air of European sophistication. These early coffee lounges were the precursors of the change from American-style percolated coffee (Adams, “Barista” vi). According to the Australasian Confectioner and Restaurant Journal, in 1956 espresso coffee was changing the way people drank coffee “on the continent, in London and in other parts of the world,” which means that as well as starting a new trend in Australia, this new way of brewing coffee was making coffee even more popular elsewhere (61). The Connoisseurship of Coffee Despite the popularities of cafés, the Australian consumer needed to be educated to become a connoisseur, and this instruction was provided in magazine and newspaper articles. Rene Dalgleish, writing for Australian Home Beautiful in 1964, took “a look around the shops” to report on “a growing range of glamorous and complicated equipment designed for the once-simple job of brewing a cup of tea, or more particularly, coffee” (21). Although she included teapots, her main focus was coffee brewing equipment—what it looked like and how it worked. She also discussed how to best appreciate coffee, and described a range of home grinding and brewing coffee equipment from Turkish to percolation and vacuum coffee makers. As there was only one way of making tea, Dalgleish pays little attention to its method of brewing (21) and concludes the piece by referring only to coffee: “There are two kinds of coffee drinkers—those who drink it because it is a drink and coffee lovers. The sincere coffee lover is one who usually knows about coffee and at the drop of a hat will talk with passionate enthusiasm on the only way to make real coffee” (21). In its first issue in 1966, Australasian Gourmet Magazine reflected on the increased consumption and appreciation of coffee in a five-page feature. “More and more people are serving fine coffee in their homes,” it stated, “while coffee lounges and espresso bars are attracting the public in the city, suburbs and country towns” (Repin and Dressler 36). The article also noted that there was growing interest in the history and production of coffee as well as roasting, blending, grinding, and correct preparation methods. In the same year, The Australian Women’s Weekly acknowledged a growing interest in both brewing, and cooking with, coffee in a lift-out recipe booklet titled “Cooking with Coffee.” This, according to the Weekly, presented “directions that tell you how to make excellent coffee by seven different methods” as well as “a variety of wonderful recipes for cakes, biscuits, desserts, confectionary and drinks, all with the rich flavor of coffee” (AWW). By 1969, the topic was so well established that Keith Dunstan could write an article lampooning coffee snobbery in Australian Gourmet Magazine. He describes his brother’s attention to detail when brewing coffee and his disdain for the general public who were all drinking what he called “muck”. Coffee to the “coffee-olics” like his brother was, Dunstan suggested, like wine to the gourmand (5). In the early 1960s, trouble was brewing in the tea business. Tea imports were not keeping pace with population growth and, in 1963, the Tea Bureau conducted a national survey into the habits of Australian tea drinkers (McMullen). This found that although tea was the most popular beverage at the breakfast table for all socio-economic groups, 30 per cent of Australian housewives did not realise that tea was cheaper than coffee. 52 per cent of coffee consumed was instant and one reason given for coffee drinking between meals was that it was easier to make one cup (Broadcasting and Television “Tea Gains”). Marketing Tea against a Turning Tide Coffee enjoyed an advantage that tea was unlikely to ever have, as the margin between raw bean and landed product was much wider than tea. Tea was also traditionally subject to price-cutting by grocery chains who used it as a loss leader “to bring the housewife into the store” (Broadcasting and Television “Tea Battles”) and, with such a fine profit margin, the individual tea packer had little to allocate for marketing expenses. In response, a group of tea merchants, traders and members of tea growing countries formed The Tea Council of Australia in 1963 to pool their marketing funds to collectively market their product. With more funds, the Council hoped to achieve what individual companies could not (Adams “From Instant” 1-19). The chairman of the Tea Council, Mr. G. McMullan, noted that tea was “competing in the supermarkets with all beverages that are sold […]. All the beverages are backed by expensive marketing campaigns. And this is the market that tea must continue to hold its share” (McMullen 6). The Tea Council employed the services of Jackson Wain and Company for its marketing and public relations campaign. Australian social historian Warren Fahey worked for the company in the 1960s and described it in an interview. He recalled: Jackson Wain was quite a big advertising agency. Like a lot of these big agencies of the time it was Australian owned by Barry Wain and John Jackson. Jackson Wain employed some illustrious creative directors at that time and its clients were indeed big: they had Qantas, Rothmans, the Tea Council, White Wings—which was a massive client—and Sunbeam. And they are just some of the ones they had. Over the following eleven years, the Tea Council sought innovative ways to identify target markets and promote tea drinking. Much of this marketing was directed at women. Since women were responsible for most of the household shopping, and housewives were consuming “incidental” beverages during the day (that is, not with meals), a series of advertisements were placed in women’s magazines. Showing how tea could be enjoyed at work, play, in the home, and while shopping, these kick-started the Tea Council’s advertising campaign in 1964. Fahey remembers that: tea was seen as old-fashioned so they started to talk about different aspects of drinking tea. I remember the images of several campaigns that came through Jackson Wain of the Tea Board. The Women’s Weekly ones were a montage of images where they were trying to convince people that tea was refreshing […] invigorating […] [and] friendly. Figure 3. Tea Council Advertisement. The Australian Women’s Weekly 29 Jan. 1964, 57. Radio was the Tea Council’s “cup of tea”. Transistor and portable radio arrived in Australia in the 1950s and this much listened to medium was especially suited to the Tea Council’s advertising (Tea Council Annual Report 1964). Radio advertising was relatively low-cost and the Council believed that people thought aurally and could picture their cup of tea as soon as they heard the word “tea”. Fahey explains that although radio was losing some ground to the newly introduced television, it was still the premier media, largely because it was personality driven. Many advertisers were still wary of television, as were the agencies. Radio advertisements, read live to air by the presenter, would tell the audience that it was time for a cuppa—“Right now is the right time to taste the lively taste of tea” (Tea Council Annual Report 1964)—and a jingle created for the advertisement completed the sequence. Fahey explained that agencies “were very much tuned into the fact even in those days that women were a dominant fact in the marketing of tea. Women were listening to radio at home while they were doing their work or entertaining their friends and those reminders to have a cup of tea would have been quite useful triggers in terms of the marketing”. The radio jingle, “The taste of tea makes a lively you” (Jackson Wain, “Tea Council”) aired 21,000 times on 85 radio stations throughout Australia in 1964 (Tea Council of Australia Annual Report). In these advertisements, tea was depicted as an interesting, exciting and modern beverage, suitable for consumption at home as outside it, and equally, if not more, refreshing than other beverages. People were also encouraged to use more tea when they brewed a pot by adding “one [spoonful] for the pot” (Jackson Wain, “Tea Council”). These advertisements were designed to appeal to both housewives and working women. For the thrifty housewife, they emphasised value for money in a catchy radio jingle that contained the phrase “and when you drink tea the second cup’s free” (Jackson Wain “Tea Council”). For the fashionable, tea could be consumed with ice and lemon in the American fashion, and glamorous fashion designer Prue Acton and model Liz Holmes both gave their voices to tea in a series of radio advertisements (Tea Council of Australia, “Annual Reports”). This was supported with a number of other initiatives. With the number of coffee lounges increasing in cities, the Tea Council devised a poster “Tea is Served Here” that was issued to all cafes that served tea. This was strategically placed to remind people to order the beverage. Other print tea advertisements targeted young women in the workforce as well as women taking time out for a hot drink while shopping. Figure 4. “Tea Is Served Here.” Tea Council of Australia. Coll. of Andy Mac. Photo: Andy Mac. White Wings Bake-off The cookery competition known as the White Wings Bake-Off was a significant event for many housewives during this period, and the Tea Council capitalised on it. Run by the Australian Dairy Board and White Wings, a popular Australian flour milling company, the Bake-Off became a “national institution […] and tangible proof of the great and growing interest in good food and cooking in Australia” (Wilson). Starting in 1963, this competition sought original recipes from home cooks who used White Wings flour and dairy produce. Winners were feted with a gala event, national publicity and generous prizes presented by international food experts and celebrity chefs such as Graham Kerr. Prizes in 1968 were awarded at a banquet at the Southern Cross Hotel and the grand champion won A$4,750 and a Metters’ cooking range. Section winners received A$750 and the stove. In 1968, the average weekly wage in Australia was A$45 and the average weekly spend on food was $3.60, which makes these significant prizes (Talkfinancenet). In a 1963 television advertisement for White Wings, the camera pans across a table laden with cakes and scones. It is accompanied by the jingle, “White Wings is the Bake Off flour—silk sifted, silk sifted” (Jackson Wain, “Bake-Off”). Prominent on the table is a teapot and cup. Fahey noted the close “simpatico” relationship between White Wings and the Tea Council:especially when it came down to […] the White Wings Bake Off [...]. Tea always featured prominently because of the fact that people were still in those days baking once a week [...] having that home baking along side a cup of tea and a teapot was something that both sides were trying to capitalise on. Conclusion Despite these efforts, throughout the 1960s tea consumption continued to fall and coffee to rise. By 1969, the consumption of coffee was over a kilogram per person per annum and tea had fallen to just over two kilograms per person per year (ABS). In 1973, due to internal disputes and a continued decline in tea sales, the Tea Council disbanded. As Australians increasingly associated coffee with glamour, convenience, and gourmet connoisseurship, these trajectories continued until coffee overtook tea in 1979 (Khamis 230) and, by the 1990s, coffee consumption was double that of tea. Australia’s cultural shift from tea drinking to coffee drinking—easily, but too simplistically, explained by post-war migration—is in itself a complex and multi layered transition, but the response and marketing campaign by the Tea Council provides an opportunity to investigate other factors at play during this time of change. Fahey sums the situation up appropriately and I will conclude with his remarks: “Advertising is never going to change the world. It can certainly persuade a market place or a large percentage of a market place to do something but one has to take into account there were so many other social reasons why people switched over to coffee.” References Adams, Jillian. Barista: A Guide to Espresso Coffee. Frenchs Forest NSW: Pearson Education Australia, 2006. -----. “From Instant Coffee to Italian Espresso: How the Cuppa Lost its Way.” Masters Thesis in Oral History and Historical Memory. Melbourne: Monash University, 2009. Advertisement for Bushells Coffee. 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