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1
Carvalho, Jean-Paul. "Investor communications around adverse earnings shocks." University of Western Australia. School of Economics and Commerce, 2005. http://theses.library.uwa.edu.au/adt-WU2005.0123.
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[Truncated abstract] A spate of sudden, high-profile corporate collapses has raised serious concerns over the degree to which managers are open and honest about poor financial performance. Corporate failures such as Enron, WorldCom and Tyco in the United States and One.tel and HIH in Australia have advanced the view that internal governance mechanisms and private managerial incentives systematically fail to ensure timely and reliable disclosure of bad news (e.g. Jensen, 2004). This thesis appraises the conventional view by investigating managers’ communications with the capital market during a period of sudden, poor financial performance. We study 74 firms that are listed on the Australian Stock Exchange [ASX], which experience an adverse earnings shock between 1994 and 1999. An adverse earnings shock is defined as a year of positive, increasing net income, followed by two contiguous years of negative or declining net income. The Australian setting for this study provides access to a richer database of investor communications than previously utilised in the literature, including management discussion and analysis, strategy disclosures, earnings and revenue forecasts, earnings preannouncements, business segment forecasts, dividend changes and share repurchases. Exploiting this extensive data set, we find that managers actually step up their investor communications activities around an adverse earnings shock. In the low litigation Australian setting, we are able to rule out litigation-avoidance incentives as a major explanatory factor. We investigate whether the increase in the volume of investor communications is aimed at mitigating information asymmetry, signalling a turnaround in financial performance or simply due to management “hype”
2
Spaseska, Aleksandra. "Australian investor relations practices." UWA Business School, 2008. http://theses.library.uwa.edu.au/adt-WU2008.0155.
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[Truncated abstract] Investor relations (IR) management encompasses a broad range of activities including voluntary disclosure, attracting analyst coverage, targeting investors, and providing feedback to corporate managers (Byrd, Goulet, Johnson and Johnson 1993; Brennan and Tamarowski 2000; Bushee and Miller 2005). In recent years, a number of high profile corporate collapses and concerns about selective disclosure have contributed to an increased awareness of the importance of effective IR practices in promoting investor confidence. To this end, Australian market regulators and industry bodies have developed a number of best practice guidelines relating to disclosure and corporate governance. The current study undertakes a comprehensive investigation of corporate approaches to IR in the Australian context, and seeks to explain cross-sectional variation in these. The sample utilised in this study comprises 129 All Ordinaries Index (AOI) constituent companies that responded to a mail survey conducted in 2006 regarding their IR practices. The survey of all AOI companies constitutes the first Australian academic survey of IR practices, and the views of the individuals responsible for the function. Self-reported data are combined with data collected from the sample entities' websites to provide a detailed overview of corporate IR programs. The results of the survey suggest that there is widespread recognition, within the sample, of the importance of devoting organisational resources to IR. ... Several proxies for the extent of investment in IR are developed in this study. Two proxies capture organisational arrangements for managing IR, one proxy captures the frequency of one-to-one meetings with analysts and investors, and one proxy captures the quality of IR websites. Multivariate analyses relate cross-sectional variation in these to a number of firm-specific variables. Consistent with findings presented in the empirical voluntary disclosure literature, this study shows that the extent of investment in IR is positively associated with firm size, a finding that is common across all IR proxies. Ownership characteristics play an important role in explaining different types of investment in IR, as captured by the four proxies. Ownership concentration is negatively associated with the likelihood of employing an external IR consultant and positively associated with the frequency with which one-to-one meetings are held with analysts and investors. Firms with a foreign stock exchange listing, a proxy for the importance of foreign investors, achieve higher scores for the quality of their IR websites. Adverse selection models of voluntary disclosure predict that firms with good news are likely to disclose more. In contrast, the results of this study show that less profitable firms and firms with lower price-to-book ratios are more likely to have an IR department/officer, and they achieve higher scores for the quality of their IR websites. Finally, the nature of the investment in IR appears to differ with sector membership. Firms in the Materials and Energy sectors held more one-to-one meetings than firms in other sectors, while firms in the Information Technology sector are more likely to have an IR department or IR officer, and have higher quality IR websites than firms in other sectors.
3
Nguyen, Huyen T., University of Western Sydney, College of Law and Business, and School of Accounting. "Project finance risk pricing decision : Australian evidence." THESIS_CLAB_ACC_Nguyen_H.xml, 2002. http://handle.uws.edu.au:8081/1959.7/352.
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This thesis presents empirical research into the project risk pricing decision undertaken by Australian project leaders for domestic project finance. It addresses questions about the relative importance of various project finance risks on the project risk pricing decision; the impact of risk interactions; and the degree of self-insight possessed by Australian project leaders when making this decision. Five project financing risk most frequently cited in the literature, namely: operating, environmental, market, political/regulation, and sponsors, were selected. Sixteen hypothetical risk pricing cases were structured, which were completed by twenty-five project leaders working in Sydney. The collected data was analysed, and the results show that the five project financing risks had strong impact on the project risk pricing decision. Among them, market risk is the most influential factor, followed by operating, sponsors, and political/regulation risks, while environmental risk was the factor with least effect. Very little support, however, was provided for the hypothesis that risk interactions impact the project risk pricing decision. Among the ten two-level risk interactions tested, only the interaction between sponsors and political/regulation was found to be significant. In relations to the degree of self-insight, various comparisons between subjective and objective weights demonstrated that the project leaders, in general, were quite insightful about their project finance risk pricing decisionsMaster of Commerce (Hons)
4
Tuck, Jacqueline. "Corporate reputation in the Australian mining industry : A stakeholder perspective." Thesis, University of Ballarat, 2009. http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/62582.
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This study contributes to corporate reputation theory through the identification of stakeholder specific reputations in the mining industry and further understanding of the complex reputation formation processes. It provides a framework for understanding the formation of reputation at stakeholder level, including the stakeholder network effects and the industry effects in the reputation formation processes for stakeholder groupsDoctorate of Philosophy
5
Leith, Andrew R., of Western Sydney Hawkesbury University, and Faculty of Management. "Competitiveness of Australian small to medium enterprises in Indonesia." THESIS_FMAN_XXX_Leith_A.xml, 2000. http://handle.uws.edu.au:8081/1959.7/512.
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The purpose of this research is to determine whether Indonesian business practices and culture inhibit the competitiveness of Australian small to medium enterprises in Indonesia. Prior to the current economic demise of the Indonesian economy, Australia's trade relations with its closest Asian neighbour were not as significant as trade with countries far removed from Australia's shores. Previous research has identified that cultural problems and inadequate communication contribute towards the lack of competitiveness of international small to medium enterprises.However there has been no rigorous and comprehensive research specially related to Australian entrepreneurs and the problems they encounter in Indonesia.Several key themes emerged from this study which indicated that thorough planning and market research are more important than a comprehensive understanding of business practices and culture. What the research brings to extant literature is a rigorous and methodological analysis of Indonesian business practices from an Australian entrepreneur's perspective. This provides a structured link between the parent disciple of cross cultural communications, the plethora of information on Asian business practices, and the reality of Australian small to medium enterprises attempting to enter the Indonesian marketDoctor of Philosophy (PhD)
6
Suchard, Jo-Ann Clair Banking & Finance Australian School of Business UNSW. "The use of hybrid securities to raise capital in Australian listed markets." Awarded by:University of New South Wales. School of Banking and Finance, 2001. http://handle.unsw.edu.au/1959.4/30377.
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Studies on the use of hybrid securities by listed firms to raise capital in international markets have been limited. The existing evidence on the seasoned capital raising process has concentrated on straight equity and debt issues in the United States (US) market. The Australian market provides a unique comparative capital raising environment as it has a number of operating and structural features that are different to many other markets. These differences include the method of issuing securities (rights issues), underwriting contracts (standby contracts), the trading volume of securities (thin trading), the industry makeup of listed firms (a high number of resource firms) and characteristics of capital raising instruments (convertible debt is non callable and is the only type of listed debt instrument, options are used as stand alone instruments to raise capital). This research focuses on how these differences give rise to differences in the share price reaction to security issues, the relevant explanations of the share price reaction, the security choice decision and the demand for underwriter services in the Australian market, compared to other markets. The impact of the announcement of hybrid security issues is examined using event study methodology adjusted for thin trading (as per Maynes and Rumsey(1993). Australian markets have differing characteristics to international markets including differing issue and issuer characteristics of hybrid security issues. However, the announcement effect evidence for Australian hybrid issues is consistent with international evidence for convertible debt issues but is inconsistent for company issued options and preference shares. Announcements of convertible debt are met with a significant negative share market response, a positive pre announcement runup and negative post announcement dnft, similar to US and UK issues. Although the announcement of an option issue can be viewed as an issue of delayed equity, option issues are met with a significant positive share price response rather than the negative share price response found for international equity issues. Announcements of preference share issues are met with an insignificant positive share price response which is in contrast to US and UK results. The results of the analysis of the explanation of the announcement effect of issuing new hybrid securities in the Australian market, suggest that different variables are significant explanators for the Australian market compared to international markets. The results of the models developed for the explanations of the announcement effect of Australian hybrid issues differ across security type. In general, the results for Australian issues of hybrid securities provide the greatest support for variants of the information asymmetry hypothesis. Convertible debt issues are best explained by the general information asymmetry hypothesis and the information asymmetry : external monitoring hypothesis. Option issues are best explained by information asymmetry : rights issues information asymmetry : signalling and agency cost hypotheses. Preference share issues are best explained by information asymmetry : rights issues, information asymmetry : external monitoring and the information asymmetry : signalling hypothesis. The security choice decision between hybrid securities is examined using logit regression analysis. When the choice is restricted to options and convertible debt, firms with high financial risk (leverage) and firm nsk (share volatility) are more likely to issue equity or in this study, equity like securities (options) and firms with higher pre announcement returns and larger issue size are more likely to issue debt or debt like securities (convertible debt). When the choice is extended to include preference shares, firms with high firm risk are more likely to choose options and firms making a relatively large issue are less likely to choose options (when financial risk is measured as long term debt over total assets) or more likely to choose convertible debt (when financial risk is measured as long term debt over equity). The determinants of underwriter use are examined using logit regression analysis for option issues as they are the only type of hybrid instruments that are not mostly underwritten. The results for the demand for underwriter services show that issue size, trading frequency and market risk are the determinants of the use of underwriters for Australian option issuers. This implies that mangers are more likely to choose to use an underwriter, the higher the amount of capital to be raised, the higher the trading frequency of the shares and the lower the market risk. The results are similar to partial results found for New Zealand and Norwegian equity issues where subscription price discount, issue size, firm risk, trading frequency, shareholder concentration and shareholder precommitments are determinants of underwriter use.
7
Nguyen, Huyen T. "Project finance risk pricing decision : Australian evidence." Thesis, View thesis, 2002. http://handle.uws.edu.au:8081/1959.7/352.
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This thesis presents empirical research into the project risk pricing decision undertaken by Australian project leaders for domestic project finance. It addresses questions about the relative importance of various project finance risks on the project risk pricing decision; the impact of risk interactions; and the degree of self-insight possessed by Australian project leaders when making this decision. Five project financing risk most frequently cited in the literature, namely: operating, environmental, market, political/regulation, and sponsors, were selected. Sixteen hypothetical risk pricing cases were structured, which were completed by twenty-five project leaders working in Sydney. The collected data was analysed, and the results show that the five project financing risks had strong impact on the project risk pricing decision. Among them, market risk is the most influential factor, followed by operating, sponsors, and political/regulation risks, while environmental risk was the factor with least effect. Very little support, however, was provided for the hypothesis that risk interactions impact the project risk pricing decision. Among the ten two-level risk interactions tested, only the interaction between sponsors and political/regulation was found to be significant. In relations to the degree of self-insight, various comparisons between subjective and objective weights demonstrated that the project leaders, in general, were quite insightful about their project finance risk pricing decisions
8
Leith, Andrew Roydon. "Competitiveness of Australian small to medium enterprises in Indonesia /." View thesis View thesis, 2000. http://library.uws.edu.au/adt-NUWS/public/adt-NUWS20030429.163902/index.html.
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Thesis (Ph.D.) -- University of Western Sydney, 2000.A thesis submitted as part of the candidature requirement for the award of a Doctorate of Philosophy, November 2000, University of Western Sydney. Bibliography : leaves 204-215.
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Harijono, 1970. "Capital structure decisions of Australian family controlled firms." Monash University, Dept. of Accounting and Finance, 2005. http://arrow.monash.edu.au/hdl/1959.1/5133.
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Nguyen, Huyen T. "Project finance risk pricing decision : Australian evidence /." View thesis, 2002. http://library.uws.edu.au/adt-NUWS/public/adt-NUWS20030728.091703/index.html.
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Thesis (M.Comm. (Hons.)) -- University of Western Sydney, 2002."An empirical study of the project finance risk pricing decision made by Australian project leaders in terms of project finance risk weighting and degree of self-insight" Bibliography : leaves 98-105.
11
Wahyuningrum, Indah F. S. "Non-financial performance disclosure by Australian listed companies." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2017. https://ro.ecu.edu.au/theses/1983.
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This study examines the non-financial performance disclosure practices of 200 of the largest ASX-listed companies. It uses content analysis to investigate the relationships between company financial performance and company characteristics, and the extent of non-financial performance disclosure, in terms of quantity and quality, in annual and sustainability reports from 2014. This study developed a new scoring index based on Balanced Scorecard (BSC) principles and Environmental, Social and Governance (ESG) performance, to evaluate the extent of the companies’ sustainability disclosures. The new scoring index, named the Non-Financial Performance Disclosure (NFPD) Index, measures companies’ performances and their ESG frameworks. The index consists of six perspectives: customer, internal business process, learning and growth, environmental, social, and governance. The study used the index as a benchmark or disclosure checklist to collect data from companies’ annual and sustainability reports. A pilot study was undertaken to test the NFPD Index before employing it in the main study. The content analysis outcomes show that the overall average level of non-financial performance disclosure, in terms of quantity, is 36.9%. Among the six disclosure perspectives, governance is the most commonly-reported (51.20%), followed by internal business process (40.27%), customer (38.00%), environmental (36.59%), learning and growth (25.69%), and social (30.67%). Meanwhile, in terms of quality, the overall average level of non-financial performance disclosure is 53.33%. The governance perspective is still the most commonly-disclosed (64.44%), followed by internal business process (60.43%), customer (58.72%), environmental (52.43%), learning and growth (48.20%), and social (30.67%). These results indicate that companies disclose more information from a governance perspective in their annual and sustainability reports than from any other perspective, in terms of both quantity and quality. The study found positive associations between company financial performance (return on assets, return on equity, and earnings per share), company characteristics (company type, company size, and company age), auditing firm, and the extent of non-financial performance disclosure. All but one of the hypotheses in this study have been accepted. More specifically, the statistical analysis indicates that return on equity, earnings per share, company type, company size, company age, and auditing firm positively influence the quantity and quality of non-financial performance disclosure. However, the results showed no relationship between return on assets and non-financial performance disclosure in terms of either quantity or quality. Stakeholder and legitimacy theories were used in this study, to clarify specific areas of corporate social responsibility practices in Australia. Overall, by using the six perspectives of non-financial performance disclosure to study the 200 largest companies in Australia, this research has contributed new information to corporate social disclosure studies focused on non-financial performance disclosure, which should motivate companies to produce and disclose annual and sustainability reports that are more comprehensive and highly credible.
12
Hossari, Ghassan, and hossari7@bigpond net au. "A ratio-based multi-level modelling approach for signalling corporate collapse a study of Australian corporations." Swinburne University of Technology. Australian Graduate School of Entrepreneurship, 2006. http://adt.lib.swin.edu.au./public/adt-VSWT20060320.114422.
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The objective of this study is to introduce a more refined methodological approach for signalling corporate collapse. The proposed methodological approach provides informed stakeholders in a corporation with a tool that would help them signal impending collapse with a higher degree of accuracy than the existing mainstream methodology. By doing so, the proposed methodological approach helps stakeholders take appropriate measures, if possible, to save their company from collapse.
The motivation behind this study emanates from a need in the literature in relation to coming up with a new methodological approach that is superior to what is available. For example, Jones and Hensher (2004), one of the most recent studies in the field, stated that over the past three decades there has been a conspicuous absence of modelling innovation in the literature on financial distress prediction, as well as a failure to keep abreast of important methodological developments emerging in other fields of the social sciences.
Specifically, this study introduces a new ratio-based multivariate methodological approach for signalling corporate collapse, called Multi-Level Modelling (MLM). Moreover, this study demonstrated that MLM provides informed stakeholders in a corporation with a tool that would help them signal impending collapse with a higher degree of accuracy than Multiple Discriminant Analysis (MDA), which is the mainstream benchmark methodological approach. By doing so, MLM helps stakeholders take appropriate measures, if possible, to save their company from collapse.
The empirical results depicted the superiority of MLM over MDA. MLM generated better overall predictive power and dramatically reduced the occurrence of Type I error (classifying a collapsed company as non-collapsed). Moreover, MLM achieved those results while at the same time capturing variations in industry sectors among the data sample of companies. This is something that MDA was not capable of.
13
Shen, Gensheng University of Ballarat. "The determinants of capital structure in Chinese listed companies." University of Ballarat, 2008. http://archimedes.ballarat.edu.au:8080/vital/access/HandleResolver/1959.17/12728.
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Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.Doctor of Philosophy
14
Shen, Gensheng. "The determinants of capital structure in Chinese listed companies." Thesis, University of Ballarat, 2008. http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/66203.
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Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.Doctor of Philosophy
15
Shen, Gensheng. "The determinants of capital structure in Chinese listed companies." University of Ballarat, 2008. http://archimedes.ballarat.edu.au:8080/vital/access/HandleResolver/1959.17/15395.
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Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.Doctor of Philosophy
16
Duong, Lien Thi Hong. "Australian takeover waves : a re-examination of patterns, causes and consequences." UWA Business School, 2009. http://theses.library.uwa.edu.au/adt-WU2009.0201.
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This thesis provides more precise characterisation of patterns, causes and consequences of takeover activity in Australia over three decades spanning from 1972 to 2004. The first contribution of the thesis is to characterise the time series behaviour of takeover activity. It is found that linear models do not adequately capture the structure of merger activity; a non-linear two-state Markov switching model works better. A key contribution of the thesis is, therefore, to propose an approach of combining a State-Space model with the Markov switching regime model in describing takeover activity. Experimental results based on our approach show an improvement over other existing approaches. We find four waves, one in the 1980s, two in the 1990s, and one in the 2000s, with an expected duration of each wave state of approximately two years. The second contribution is an investigation of the extent to which financial and macro-economic factors predict takeover activity after controlling for the probability of takeover waves. A main finding is that while stock market boom periods are empirically associated with takeover waves, the underlying driver is interest rate level. A low interest rate environment is associated with higher aggregate takeover activity. This relationship is consistent with Shleifer and Vishny (1992)'s liquidity argument that takeover waves are symptoms of lower cost of capital. Replicating the analysis to the biggest takeover market in the world, the US, reveals a remarkable consistency of results. In short, the Australian findings are not idiosyncratic. Finally, the implications for target and bidder firm shareholders are explored via investigation of takeover bid premiums and long-term abnormal returns separately between the wave and non-wave periods. This represents the third contribution to the literature of takeover waves. Findings reveal that target shareholders earn abnormally positive returns in takeover bids and bid premiums are slightly lower in the wave periods. Analysis of the returns to bidding firm shareholders suggests that the lower premiums earned by target shareholders in the wave periods may simply reflect lower total economic gains, at the margin, to takeovers made in the wave periods. It is found that bidding firms earn normal post-takeover returns (relative to a portfolio of firms matched in size and survival) if their bids are made in the non-wave periods. However, bidders who announce their takeover bids during the wave periods exhibit significant under-performance. For mergers that took place within waves, there is no difference in bid premiums and nor is there a difference in the long-run returns of bidders involved in the first half and second half of the waves. We find that none of theories of merger waves (managerial, mis-valuation and neoclassical) can fully account for the Australian takeover waves and their effects. Instead, our results suggest that a combination of these theories may provide better explanation. Given that normal returns are observed for acquiring firms, taken as a whole, we are more likely to uphold the neoclassical argument for merger activity. However, the evidence is not entirely consistent with neo-classical rational models, the under-performance effect during the wave states is consistent with the herding behaviour by firms.
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Robson, Sally Jane. "International market entry : determinants of Australian exports and direct investment to the United Kingdom." Thesis, Queensland University of Technology, 2003. https://eprints.qut.edu.au/15844/1/Sally_Robson_Thesis.pdf.
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Australia and the UK are both prominent economies in the international arena and share a strong trade and investment relationship. Interestingly, the UK while being a significant destination for Australian exports is an even more significant destination for Australian direct investment, a case anomalous to international trends. Analysis of this case elicits the question as to what factors differentiate between the firms that export and those that FDI. It is imperative to understand the differentiating factors between exports and direct investment as market entry decisions are decisive to the success of firms in international markets. A number of theories of international market entry have developed over the last quarter century, the ownership, location, and internationalisation model (OLI) is used in this study. The importance of the variables developed in this model are identified, and assessed as to their relevance to entry of Australian firms into the UK market through FDI or Exports. Qualitative information is used to support initial quantitative profiling. Results of the investigation indicate that while some variables were at times decisive, they were not predictive at all in other situations. The full interaction of the variables in the model was therefore concluded to be essential to fully differentiate between exports and FDI in all cases.
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Robson, Sally Jane. "International Market Entry: Determinants of Australian Exports and Direct Investment to the United Kingdom." Queensland University of Technology, 2003. http://eprints.qut.edu.au/15844/.
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Australia and the UK are both prominent economies in the international arena and share a strong trade and investment relationship. Interestingly, the UK while being a significant destination for Australian exports is an even more significant destination for Australian direct investment, a case anomalous to international trends. Analysis of this case elicits the question as to what factors differentiate between the firms that export and those that FDI. It is imperative to understand the differentiating factors between exports and direct investment as market entry decisions are decisive to the success of firms in international markets. A number of theories of international market entry have developed over the last quarter century, the ownership, location, and internationalisation model (OLI) is used in this study. The importance of the variables developed in this model are identified, and assessed as to their relevance to entry of Australian firms into the UK market through FDI or Exports. Qualitative information is used to support initial quantitative profiling. Results of the investigation indicate that while some variables were at times decisive, they were not predictive at all in other situations. The full interaction of the variables in the model was therefore concluded to be essential to fully differentiate between exports and FDI in all cases.
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Robertson, Pixi. "Steel Riders : a novel for young adult readers and, An hermeneutical examination of Steel Riders." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2006. https://ro.ecu.edu.au/theses/326.
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This project consists of two parts, Section One: Steel Riders, a novel for young adult readers, and Section Two: An Hermeneutical Examination q(Steel Riders. Section One: Steel Riders is a hybrid text based largely on the conventions of the detective novel. The protagonist of Steel Riders is a nineteen-year-old university student, Bella Buchanan, who returns to her home in a small industrial town in regional Western Australia. Bella is disillusioned with her life in the city, but finds that she has become alienated from the life of her peers in her home town of Sandon. This distancing of Bella allows her to observe the manners of the townspeople from the perspective of an outsider/insider. Bella's quiet life is interrupted by the arrival of her ex-boyfriend, Tallis McGuin, local Nyungah football hero who has recently joined the police force as an Aboriginal Police Aid. Bella's life is thrown into further turmoil when she begins work as a security guard at the local sand mining plant. It is here at the plant that Bella discovers a plot to conceal an important anthropological report relating to a local Nyungah burial ground. The resulting 'investigation' undertaken by Bella and Tallis into this situation results in their uncovering of local government corruption and a large, commercial marijuana plantation. This simple plot allows for a complex investigation of many issues and situations that confront young people living in regional and remote areas and at the same time celebrates the beauty of the Australian bush and the importance of community. Section Two: An Hermeneutical Examination of Steel Riders is a circular investigation of the journey to creativity which investigates the ways in which the lived experience feeds the creative impulse. The fictional town of Sandon, where Steel Riders is set, is based on the real-life coal-mining town of Collie in Western Australia where I have lived for a number of years. My experiences before I came to Collie and my "life-relation" (Bultmann, 1986, p. 243) to that town, my researches into the history of the town, and my friendships with the local residents, both Nyungah and Wadgela, are interrogated within the context of the Hermeneutic Circle and the work of Johann Martin Chladenius (1742/1986) and Johann Gustav Droysen (1858/J 986). Steel Riders features a number of Indigenous characters and I have contextualised my position as a white, female writer within a discourse of Aboriginalism as propounded by Bob Hodge and Vijay Mishra (1991 ).
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Nayak, Raveendra, and raveendranayak@yahoo com au. "Developing sustainable corporations in Australia." Swinburne University of Technology. Australian Graduate School of Entrepreneurship, 2006. http://adt.lib.swin.edu.au./public/adt-VSWT20060320.110540.
Full textAbstract:
In the wake of the environmental degradation, social inequality and injustice, and the
incidents of corporate frauds and mismanagement reported in Australia, domestic
business organisations have been asked increasingly by Australian governments and
people to pursue sustainable business practices. As prime movers of creating wealth
and employment, business organisations have an important and legitimate role to play
in sustainable development, which is defined as a notion that meets the needs of
present without compromising the ability of future generations.
Corporate sustainability, which is a subset of the concept of sustainable development,
involves integrating financial, social, and environmental values into business policy,
planning, and decision-making requiring changes in organisational values,
perspectives, culture, structure, and performance measures. Many Australian
businesses are wary of meeting financial, social, and environmental objectives
simultaneously claiming the agenda as contradictory and almost unattainable, but the
demand for achieving corporate sustainability seems inescapable. Since Australian
businesses are facing a fierce competition in domestic market as a result of reducing
trade barriers, globalisation, and market deregulation, demanding them to contribute
more to sustainable development may appear to be unreasonable. Furthermore,
business managers are often wary of any organisational changes, as several of them
have failed in creating organisational value. As a consequence, business managers are
cautious of engaging in sustainable business practices.
In an attempt to unravel the above dilemma, this study mainly examined how to
enhance organisational value by sustainable business practices. It examined the two
dominant strategic management theories, i.e. Barriers to Entry theory and the
Resource-Based View (RBV) theory. It collected the data from 102 Australian
business organisations using a survey method. Based on its findings, this study makes a number of contributions to the theory and practice of strategic management.
Notable among them are, first, it shows that socially crafted business practices such
as knowledge management, customer relationship management, and stakeholder
management can have substantial leverage to building business competitiveness.
Second, it demonstrates that environment-oriented business practices can provide a
number of effective opportunities for increasing the height of entry barriers to new
competition. Third, this study concludes that social-oriented business activities are
almost ineffective as entry barriers to new competition. Fourth, it substantiates why
environment protection measures such as Environmental Management System (EMS)
are least contributing to business competitiveness. Finally, this study substantiates its
main claim that a business organisation can enhance its competitive advantage by
pursuing corporate sustainability principles. This study upholds the view that
business organisations have enlightened self-interest in following corporate
sustainability.
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Murphy, T. A. "The Snowy Mountains Engineering Corporation as an instrument of Australian foreign policy." Thesis, Canberra, ACT : The Australian National University, 1985. http://hdl.handle.net/1885/130322.
Full textAbstract:
Australia's foreign policy may be drafted in Canberra, but it is
implemented in the jungles of Java and the bazaars of Dar-es-Salaam,
as well as in the offices and boardrooms in Washington, London or Bonn.
The aim of this sub-thesis is to examine the role of the Snowy
Mountains Engineering Corporation (SMEC) as an instrumentality for the
practical implementation of Australia's foreign policy, particularly in
relation to developing countries, and more specifically in the AsiaPacific
Region. Towards this end a comparison and contrast will be
made of two SMEC overseas projects. As well as covering some specific
details, it is hoped that these two case studies will present SMEC's
overseas operations in microcosm.
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Porwal, Anmol. "Drivers of Australian merger waves industry shocks, mis-valuation, and capital liquidity : a thesis submitted to Auckland University of Technology in partial fulfilment of the requirements for the degree of Master of Business (MBus), 2008." Click here to access this resource online, 2008. http://hdl.handle.net/10292/648.
Full textAbstract:
The purpose of this thesis is to test the extended industry shock hypothesis, which accounts for a macro-economic capital liquidity element, in determining the drivers of merger waves. Various theories have been extended by the literature and these are broadly classified under the neo-classical theory of merger waves and the behavioural theory of merger waves. Behavioural theories have explained merger waves by taking into account the psychology of stock markets and the occurrence of merger waves during a stock market boom. The industry shock hypothesis (a neo-classical theory) however, argues that merger waves are due to the clustering of industry shocks that affect an industry’s operating environment. Along with this shock, the mis-valuation caused by a stock market boom increases asset values, thereby lowering transaction costs and hence increasing capital liquidity in the economy. This capital liquidity factor causes merger waves to cluster even if industry shocks do not. The findings in this study show that industry level merger waves exist in Australia and they occur when there is sufficient capital liquidity in the economy. The industry shock variables are found to be insignificant; however they do improve the explanatory power of the explanatory variables used in predicting the start of a merger wave. The mis-valuation variables used in this study: market-to-book ratio, 3-year return and standard deviation of the 3-year return, are insignificant and do not have any explanatory powers in predicting the start of a merger wave. Merger and acquisition announcements made to acquire Australian firms listed on the Australian Stock Exchange (ASX), are collected and analysed for the period from 1996 to 2007. The methodology used in this study is adopted from Harford (2005), which uses legit models to predict the start of merger waves. The explanatory variables are also adopted from Harford’s (2005) study and include proxies for mis-valuation, industry shock and capital liquidity. Overall, the results obtained for the Australian merger and acquisition data are inconclusive as to whether industry shocks because industry merger waves as Harford (2005) documented for the US merger and acquisition data. However, industry level merger waves do exist, as there is clustering in time of firm-level mergers within industries. Moreover, sufficient capital liquidity must be present to accommodate the necessary transactions.
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Coffey, Josephine Margaret. "Continuous Disclosure for Australian Listed Companies." Thesis, The University of Sydney, 2002. http://hdl.handle.net/2123/510.
Full textAbstract:
ABSTRACT This thesis investigates the legal and theoretical basis of continuous disclosure regulation in Australia as it applies to listed companies. An empirical study is undertaken to further investigate the operation of the legislation. As part of the Enhanced Disclosure regime, the continuous disclosure provision was effective from 5 September 1994 as s1001A of the Corporations Law, now the Corporations Act 2001 (Cth). This statutory provision is replaced by s674, inserted by Schedule 2 to the Financial Services Reform Act 2001 (Cth), and effective from 11 March 2002. The provision reinforces Australian Stock Exchange (ASX) listing rule 3.1. The rule requires a listed disclosing entity to notify ASX immediately of information that would be expected to have a �material effect� on the share price of the company. However, the disclosure requirement is weakened by a number of specific exemptions or �carve-outs� to listing rule 3.1. If a reasonable person would not expect the information to be disclosed, and if the confidentiality of the information is maintained, then disclosure is not mandatory in special circumstances. This study analyses 427 query notices, issued by ASX to listed companies from July 1995 to April 1996. The queries request information concerning unexplained movements in a company�s share price or a failure to comply with the listing rules. An analysis of the companies� replies to these notices provides a profile of the type of company that is likely to be queried. The study also attempts to evaluate the extent to which these companies have relied on the �carve-outs� as an exemption to the regulation.
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Coffey, Josephine Margaret. "Continuous Disclosure for Australian Listed Companies." University of Sydney. School of Business, 2002. http://hdl.handle.net/2123/510.
Full textAbstract:
ABSTRACT This thesis investigates the legal and theoretical basis of continuous disclosure regulation in Australia as it applies to listed companies. An empirical study is undertaken to further investigate the operation of the legislation. As part of the Enhanced Disclosure regime, the continuous disclosure provision was effective from 5 September 1994 as s1001A of the Corporations Law, now the Corporations Act 2001 (Cth). This statutory provision is replaced by s674, inserted by Schedule 2 to the Financial Services Reform Act 2001 (Cth), and effective from 11 March 2002. The provision reinforces Australian Stock Exchange (ASX) listing rule 3.1. The rule requires a listed disclosing entity to notify ASX immediately of information that would be expected to have a �material effect� on the share price of the company. However, the disclosure requirement is weakened by a number of specific exemptions or �carve-outs� to listing rule 3.1. If a reasonable person would not expect the information to be disclosed, and if the confidentiality of the information is maintained, then disclosure is not mandatory in special circumstances. This study analyses 427 query notices, issued by ASX to listed companies from July 1995 to April 1996. The queries request information concerning unexplained movements in a company�s share price or a failure to comply with the listing rules. An analysis of the companies� replies to these notices provides a profile of the type of company that is likely to be queried. The study also attempts to evaluate the extent to which these companies have relied on the �carve-outs� as an exemption to the regulation.
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Price, Rebecca A. "Implementing design-led innovation in an Australian airport corporation." Thesis, Queensland University of Technology, 2016. https://eprints.qut.edu.au/97994/1/Rebecca_Price_Thesis.pdf.
Full textAbstract:
This thesis explores the introduction and application of DLI to bring about desired changes in operations, improved business outcomes and to build innovation capabilities in the organisational context of an Australian Airport Corporation (AAC).
The study employed qualitative action research methods to explore DLI through action, with the researcher acting as an 'Innovation Catalyst' for the duration of 18 months. Several novel contributions to knowledge are made from this thesis. First, the DLI implementation framework was developed, building upon experiential learning theory, to aid organisations to implement DLI in a way that complements existing organisational processes. Second, three narrative typologies were developed as distinct design tools specifically deployed during DLI. Third, an evidence-based definition of DLI, linking the unique nature of the design-led approach to expected outcomes, was developed.
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Healey, Alison M. "Spirit and substance : religious broadcasting on ABC Radio, 1941-91." Phd thesis, School of Studies in Religion, 1993. http://hdl.handle.net/2123/9307.
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Hall, Frederick Leonard. "Australians in a corporate culture the national characteristics, are they intrinsic? : a study of cultural behaviour of Australian employees in a multi national [sic] corporation : a measure of change of national culture over time and it's relevance to corporate culture in Australia /." Master's thesis, Australia : Macquarie Universityc, 1989. http://hdl.handle.net/1959.14/23256.
Full textAbstract:
Thesis (MA)--Macquarie University, Graduate School of Management, 1989.Introduction -- Values and culture -- The four dimensions -- Australia survey 1984/85 -- Methodological debate -- Literature reviews -- Outcome in terms of our national culture -- Transition to corporate culture -- Results of survey 1984/85 -- Appendix.
Bibliography: final [7] leaves (Appendix 4).
Mode of access: World Wide Web.
49 leaves ill. +
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Mkwinda-Nyasulu, Betty. "The Australian corporate annual reports : some factors contributing to low readability scores /." Title page, contents and abstract only, 1994. http://web4.library.adelaide.edu.au/theses/09PH/09phm6848.pdf.
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Nelson, David. "Ergonomics interventions as investments in occupational health and safety : A selected series of case studies within the Australian postal corporation." Thesis, University of Ballarat, 2006. http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/33522.
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This thesis examines and reports upon the application of ergonomics interventions to OHS-based industrial problems. The study focuses on the values of these interventions as investment opportunieties for management. A wide review of the scientific and commercial literature, personal information, observation techniques, and a selected series of seven case studies and eleven separate data-sets within the Australian Postal Corporation have been undertaken.Doctor of Philosophy
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Rogers, Wendy Kaye. "Xavier Herbert." Thesis, Queensland University of Technology, 2010. https://eprints.qut.edu.au/41241/1/Wendy_Rogers_Exegesis.pdf.
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As a biographical documentary concept develops, its intention and its form are impacted and may be transformed by market demands. The documentary idea about the life of Xavier Herbert has been in development through a number of iterations within the shifting landscape of the Australian documentary industry from the mid- 1990s to 2009. This study is, on the one hand, an endeavour to find a workable way to express and practise the multi-layered complexity of creative work, a long-form documentary script on Herbert, an Australian literary icon. On the other hand, this thesis represents a cumulative research exercise, whereby my own experiences in the documentary industry in Queensland, Australia and overseas are analysed in an effort to enlighten the broader documentary community about such a complex, even labyrinthine, process.
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Sakurai, Yuka. "Problems and prospects in cross-cultural interactions in Japanese multinational corporations in Australia." View thesis entry in Australian Digital Theses Program, 2001. http://thesis.anu.edu.au/public/adt-ANU20020122.092141/index.html.
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Seares, Roger C. "Market orientation, organisational culture and organisational performance : an analysis of the Australian Broadcasting Corporation /." Connect to this title, 2004. http://theses.library.uwa.edu.au/adt-WU2005.0105.
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Sakurai, Yuka, and Yuka Sakurai@anu edu au. "Problems and Prospects in Cross-Cultural Interactions in Japanese Multinational Corporations in Australia." The Australian National University. Faculty of Economics and Commerce, 2001. http://thesis.anu.edu.au./public/adt-ANU20020122.092141.
Full textAbstract:
As multinational corporations (MNCs) are extending their international operations they need to examine issues such as the localisation of human resource policies and management, and the effective use of local and expatriate managers. Examination of expatriate studies indicates a lack of attention given to the relationships between expatriate managers and local managers or the perspectives of local managers working in MNCs. This thesis attempts to fill these gaps by focusing on the cross-cultural interactions between expatriate and local managers. This thesis addresses the importance of positive cross-cultural understanding between Japanese expatriate managers and local managers in Japanese subsidiaries in Australia, and its effect on work-related outcomes such as job satisfaction and commitment to the organisation. It identifies macro and micro factors which are associated with levels of job satisfaction and commitment of Japanese expatriate managers and Australian managers with special focus on economic functions of industry, communication, and mutual perceptions. Conceptual models for predicting organisational commitment for Japanese expatriate and Australian managers are developed, and the validity of the models is empirically tested.
¶
Australian managers and Japanese expatriate managers working for Australian subsidiaries of twelve Japanese-owned firms completed self-report questionnaires anonymously. A unique paired data set is used for particular analyses such as measuring communication and perceptions of each other. This thesis examines differences in work values and beliefs between Japanese expatriates and Australian managers on issues derived from structural and cultural features of Japanese MNCs; for example, the type of subsidiary-head office management (eg. strategic planning), integration of local managers, group-oriented decision making, and work ethic. It is found that there is a significant gap in perceptions between Japanese and Australian managers with regard to corporate membership, but no significant differences are found in their opinions towards the strategic planning style of management. Contrary to our expectations, Australian managers are found to be more group-oriented than Japanese managers.
¶
The characteristics of two industries, general trading firms (the sogo shosha) and manufacturing firms, are discussed and their impacts upon cross-cultural relationships and work attitudes of managers are examined. Findings indicate that Australian managers in manufacturing firms have more positive perceptions of work relations with Japanese managers and positive work attitudes than Australian managers in the sogo shosha. This suggests that manufacturing firms provide a more positive work environment to Australian managers than the sogo shosha, whereas cross-cultural interactions in the sogo shosha are not very effective, which may cause misunderstanding and mistrust between managers, and lower levels of job satisfaction and organisational commitment of local managers. The type of industry does not affect the work attitudes of Japanese managers or their perceptions of Australian counterparts.
¶
A conceptual model for predicting the organisational commitment of Japanese and Australian managers are developed and tested empirically. Independent variables included in the model are: individual characteristics, type of industry, psychological integration of local managers into the Japanese organisation, work relations between Japanese and local managers and job satisfaction. Results indicate that job satisfaction, work relations and tenure have significant impacts upon organisational commitment of Australian managers. As for the Japanese managers, job satisfaction and tenure have significant impacts upon organisational commitment, but no association between work relations and organisational commitment is found. In addition, the relationship between work relations and organisational commitment for the Australian managers is partially mediated by job satisfaction, however, this is not the case with the Japanese managers.
¶
The findings of this thesis will improve our understanding of cross-cultural interactions between expatriates and local managers, increasing overall firm performance and improving the quality of cross-cultural relationships within contemporary society. Moreover, these findings will provide a wider perspective on understanding how organisations can implement localisation of management and integrate local managers into the organisation.
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Lipman, Trevor. "The role of the independent non-executive director in Australia." Doctoral thesis, Australia : Macquarie University, 2008. http://hdl.handle.net/1959.14/28880.
Full textAbstract:
Thesis (DBA)--Macquarie University, Graduate School of Management, 2008.Bibliography: p. 275-289.
Company directors have been in existence for more than four hundred years. In the past, they were considered to be a necessary part of corporate existence, and were usually appointed to a board by the CEO or chairman. However, they were usually mates from the 'boys club' and gained their position from whom they knew, and not from what they were capable of contributing. The appointment of independent directors became more normal, as shareholders looked for a way to wrest control back from management. But what independent directors really do and why they are there is not widely understood. A review of the literature relative to independent directors has identified a gap in the knowledge. This gap is the role of the independent director when considered from a commercial aspect; that is, those who observe or write about independent directors. --This thesis has attempted to generate a theory of the role of the independent director through a review of the literature and a subsequent series of interviews. Grounded theory was the chosen methodology for analysing the data and formulating a theory of the role because it allows the researcher to ground the theory in the data instead of establishing a hypothesis and testing it. --The resulting theory is more complex than it first appears. It was found that the primary role of the independent director is to improve the performance of the board and the company. This role is impacted by a number of factors, the two most influential being the information that is available to the independent directors, and the position of the company. This second factor is defined as the size of the company, where it is in its life cycle, and whether it is experiencing any significant change. --These findings enable a number of recommendations to be made to improve policy and practice, recognising the impact of information and company position on the ability of independent directors to contribute positively. It also raises several areas of further study to continue to refine the understanding of the role of the independent nonexecutive director in Australia. These include, among others, investigating the role from other viewpoints such as the board chair or company secretary, or researching the link between company position and information available to independent directors.
Mode of access: World Wide Web.
xiii, 303 p. ill
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Teubner, Jonathan. "Research and development expenditure by the Australian Wool Corporation and its effect on the market power of the Australian Wool Industry /." Title page, contents and introduction only, 1990. http://web4.library.adelaide.edu.au/theses/09EC/09ect351.pdf.
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Golding, Gregory Ray. "The Reform of Misstatement Liability in Australia's Prospectus Laws." University of Sydney. Law, 2003. http://hdl.handle.net/2123/607.
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This dissertation considers the reforms made to the liability rules in Australia�s prospectus laws during the 1990s. It traces the rewrite of the fundraising provisions at the end of the 1980s as part of the new Corporations Law through to the rewrite of those provisions at the end of the 1990s as part of the CLERP Act initiative. As the law in this area is not particularly well served by detailed judicial or academic analysis in Australia, the dissertation seeks to define the scope of the Australian liability regime by reference to case law analysis, a review of relevant theoretical considerations and comparative analysis with other key jurisdictions. The thesis of the dissertation is that many of the reforms were, particularly initially, misconceived in key respects because of a failure to apply appropriate theoretical underpinnings and to take account of the lessons that could have been learned from a comparative analysis with other key jurisdictions.
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Seares, Roger C. "Market orientation, organisational culture and organisational performance : an analysis of the Australian Broadcasting Corporation." University of Western Australia. Graduate School of Management, 2005. http://theses.library.uwa.edu.au/adt-WU2005.0105.
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Chan, Jen Jing. "A comparative study of voluntary social and environmental disclosure practices between Australian and Malaysian companies /." Diss., Title page, table of contents and abstract only, 2000. http://web4.library.adelaide.edu.au/theses/09EC/09ecc4564.pdf.
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Niedostadek, Oliver. "Die Proprietary Company - das Recht der australischen private company /." Münster : Lit, 2004. http://www.gbv.de/dms/spk/sbb/recht/toc/393034968.pdf.
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Fulcher, Helen Margaret. "A qualitative analysis of radio news in Australia." Title page, contents and abstract only, 1987. http://web4.library.adelaide.edu.au/theses/09ARM/09armf962.pdf.
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Ting, Antony K. F. (Antony Ka Fai). "The taxation of corporate groups under the enterprise doctrine : a comparative study of eight consolidation regimes." Phd thesis, Sydney Law School, 2011. http://hdl.handle.net/2123/11993.
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Irvin, Keeley. "A study of the Australian Broadcasting Corporation’s soft power in Indonesia and China 2007 – 2010." Thesis, Department of Media and Communications, 2010. http://hdl.handle.net/2123/7198.
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In 2009, Australian Broadcasting Corporation Managing Director Mark Scott put forward a contentious proposal to develop ‘a global ABC’, establishing the ABC as a leading international broadcasting presence. This thesis seeks to reflect on the plausibility of Scott’s vision, which was inspired by then Prime Minister Kevin Rudd’s foreign policy strategy. It analyses to what extent the ABC’s international services, Radio Australia and Australia Network television, have been able to function as effective tools of Australian public diplomacy and soft power in Asia during the term of the Rudd government, from 2007 – 2010. This thesis argues that the ABC faces significant challenges to realising its policy aims in two key international territories, Indonesia and China. It provides innovative interpretive framing analysis of interviews with six senior ABC managers and four Asian media studies academics, together with government and corporate document research, to determine how Radio Australia and Australia Network’s achievements and problems have been perceived by key strategic communications actors and analysts. Four dominant frames were identified, through which the effectiveness of the ABC’s international services is investigated: political independence, resource dependence, colonialism and engagement. This analysis suggests that while there are a number of existing and emerging opportunities for the ABC to act as a vehicle of Australian soft power in Asia, Radio Australia and Australia Network have to date been largely unable to function as effective tools of public diplomacy due to a number of financial, political, cultural and regulatory constraints.
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Ikin, Catherine Mary. "Corporate tax strategy under the Australian dividend imputation system." Phd thesis, 2011. http://hdl.handle.net/1885/148249.
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Prior tax and accounting studies in the United States find that companies adopt strategies to aggressively minimise corporate tax, provided the expected tax benefits exceed the financial reporting costs. Also, where managers are remunerated on targets based on after-tax earnings or stock value they are likely to pursue more aggressive tax strategies.
This thesis extends this line of research to the Australian dividend imputation system in a period of tax rate reductions. In this system, corporate profits are ultimately taxed at the personal tax rates of shareholders and corporate tax becomes a prepayment of shareholder tax on dividend income. As corporate tax is not necessarily viewed as a cost, managers are likely to focus on maximising before-tax profit, distributing franked dividends (i.e., dividends that carry credit for corporate tax paid) and have little incentive to engage in costly tax-avoiding strategies. Tax rate reductions during the period 1999 to 2003 provide a setting to examine corporate tax strategies when faced with the opportunity to avoid tax.
This thesis uses the ratios of three effective tax rate measures to the statutory tax rate as the proxies for tax strategy and uses regression analysis to test four hypotheses using the data of 491 publicly-traded Australian companies. The first hypothesis predicts that companies distributing franked dividends have more conservative tax strategies than those that do not. The second hypothesis predicts that companies under close scrutiny by the Australian Taxation Office are also likely to have more conservative strategies than those that are not. Consistent with incentives to maximise before-tax profit, the third hypothesis predicts that managers remunerated with share options do not implement more aggressive tax strategies as predicted in a classical system of company tax. The fourth hypothesis predicts that managers continue to pursue conservative tax strategies in the years before tax rate falls and do not pursue aggressive tax strategies as observed under a classical tax system. All four hypotheses are strongly supported by empirical evidence.
One important tax policy implication of the findings from this study is that it provides empirical support for the notion that Australia's dividend imputation system protects the integrity of corporate tax revenue and this is an advantage compared to the classical system that taxes profits twice.
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Psychogios, Theodoros John. "The role of free cash flow and financial slack in takeovers : the Australian experience (1988-1997)." Master's thesis, 2001. http://hdl.handle.net/1885/147708.
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Leith, Andrew R. "Competitiveness of Australian small to medium enterprises in Indonesia." Thesis, 2000. http://handle.uws.edu.au:8081/1959.7/512.
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The purpose of this research is to determine whether Indonesian business practices and culture inhibit the competitiveness of Australian small to medium enterprises in Indonesia. Prior to the current economic demise of the Indonesian economy, Australia's trade relations with its closest Asian neighbour were not as significant as trade with countries far removed from Australia's shores. Previous research has identified that cultural problems and inadequate communication contribute towards the lack of competitiveness of international small to medium enterprises.However there has been no rigorous and comprehensive research specially related to Australian entrepreneurs and the problems they encounter in Indonesia.Several key themes emerged from this study which indicated that thorough planning and market research are more important than a comprehensive understanding of business practices and culture. What the research brings to extant literature is a rigorous and methodological analysis of Indonesian business practices from an Australian entrepreneur's perspective. This provides a structured link between the parent disciple of cross cultural communications, the plethora of information on Asian business practices, and the reality of Australian small to medium enterprises attempting to enter the Indonesian market
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Segara, Lydia J. "The effect of full takeovers on corporate performance : Australian evidence over the last two decades." Thesis, 2006. http://handle.uws.edu.au:8081/1959.7/506791.
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This thesis investigates whether corporate takeovers create value and examines the effect of full takeovers on the financial performance of the combined firm in the post-takeover period. A sample of 95 Australian takeovers over a twenty-two year period between 1979 and 2000 was employed. The sample was made up of Australian publicly listed industrial firms. Bidder firms that are private or foreign were excluded. In addition, firms in sectors other than industrials were not included because of noncomparability of accounting methods. Nine performance measures were used and comprised of six financial performance measures: three profitability (accrual) measures as well as three operating cash flow measures, one asset turnover measure and two debt/financial leverage measures. These nine performance measures used are (1) Return on assets, (2) Return on equity, (3) Earnings before interest and tax profit margin, 4) Operating cash flow on total assets, (5) Operating cash flow on sales, (6) Operating cash flow on total equity, (7) Asset turnover, (8) Total liabilities on total assets and (9) Total liabilities on total equity. A five year window on either side of the event year was used to examine any changes for each of the nine post-takeover performance measures. A method similar to that used by Healy, Palepu and Ruback (1992) was undertaken, where industry benchmarks was used to control for market-wide and industry-specific effects. For each of the nine performance measures, industry adjusted figures were calculated by subtracting the industry benchmarks from the combined firm performance both in the post and pre-takeover periods. Differences between the post- and pre- takeover industry adjusted performance measures based on the change model were analysed. Several extended cross-sectional regression analysis was performed as the regression model factored in any persistence in the pre-takeover performance measure. Explanatory variables used in the regression models include (i) the relative size of the acquisition; (ii) the method of financing; (iii) the degree of industry relatedness for the takeover; and (iv the degree of takeover hostility. Similar findings are reported by both the change and regression models; in that financial performance measures showed declines in the post-takeover period. The size of the acquisition and stock financing had a positive correlation with all six financial performance measures in the post-takeover period, however an inverse relationship was found for hostile takeovers. Based on the empirical evidence presented in this thesis, it appears that corporate takeovers in Australia do not lead to improved financial performance. The results of this thesis is not consistent with the synergy hypothesis, but is interpreted as providing support for the agency and the hubris hypotheses.
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Wu, Hai. "Equity valuation of currently unprofitable Australian companies : the impact of distress, investment intensity, and accounting conservatism." Phd thesis, 2011. http://hdl.handle.net/1885/150303.
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Companies report accounting losses under different circumstances. In the absence of positive accounting profits as a measure of value creation, investors are likely to focus on different factors when valuing companies with different characteristics. This thesis examines how three firm characteristics - distress risk, investment intensity, and accounting conservatism - affect investors' weighting of specific valuation factors for unprofitable companies in Australia. The thesis finds that market value of equity is more sensitive to liquidation value when valuing highly distressed unprofitable companies. The level of investment intensity positively affects the valuation weight on measures of potential growth options. With companies that exhibit a high level of accounting conservatism, cumulative accounting reserves have a higher influence on equity value. These results suggest that investors do not consider currently unprofitable companies as a homogenous group, but adjust their weighting on specific valuation factors according to variations in levels of distress risk, investment intensity, and accounting conservatism.
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Daniliuc, Sorin Ovidiu. "Acquisition process factors that influence the performance of Australian publicly listed acquirers." Phd thesis, 2007. http://hdl.handle.net/1885/151648.
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Haveckin, Brian. "Information technology outsourcing by large Australian organisations." Thesis, 2012. https://vuir.vu.edu.au/19401/.
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Outsourcing of Information Technology (IT) is a well-established part of Australian business.
Offshore outsourcing of IT support and development is a critical and widespread part of the
globalised Australian and other nations’ economies. In Australia, national organisations such
as the National Australia Bank (NAB) and Australia’s largest telecommunication company,
Telstra, continue to outsource work to outsourcing vendors – that is, obtaining goods and
services from outside suppliers.
It has long been thought that IT outsourcing is motivated primarily by cost cutting in the
IT department but the latest trends suggest that outsourcing is more about improving usage of
internal resources and service satisfaction. Authors Lee, J-N (2000) and Loh & Venkatraman
(1992) argue that outsourcing IT functions to external service providers is done in order to
acquire economic, technological and strategic advantage. In this thesis, it is proposed that the
main driver for outsourcing IT has matured from being purely cost driven to one of strategic
business practice.
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Hossari, Ghassan. "A ratio-based multi-level modelling approach for signalling corporate collapse a study of Australian corporations /." 2006. http://adt.lib.swin.edu.au./public/adt-VSWT20060320.114422.
Full textAbstract:
Thesis (PhD) - Australian Graduate School of Entrepreneurship, Swinburne University of Technology, 2006.A thesis submitted to the fulfillment of the requirements for the degree Doctor of Philosophy, Australian Graduate School of Entrepreneurship, Swinburne University of Technology - 2006. Typescript. Includes bibliographical references (p. 307-341).