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1
Ali, Searat. "Corporate Governance and Firm Risk in Australia." Thesis, Griffith University, 2017. http://hdl.handle.net/10072/368178.
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This thesis, structured around three interrelated empirical essays, investigates the relationship of corporate governance with firm risks—default, stock liquidity, downside and upside—for a large sample of Australian listed firms (more than 1,000) over the period from 2001 to 2013. Seven reasons were found that make it imperative to empirically investigate such relationships: (i) a series of corporate collapses in early 2000s (such as HIH and OneTel) due to improper governance structures, (ii) a massive economic and social default cost to the stakeholders, (iii) a proliferated attention of regulators (Australian Securities Exchange [ASX] and related bodies) towards the development of a sound corporate governance environment, (iv) an increased concern of firms to comply with the ASX corporate governance recommendations, (v) an emphasis of the ASX on ‘risk’ while defining good corporate governance, (vi) a small amount of literature relating corporate governance to these risk factors in Australia, and (vii) a different corporate governance environment in Australia (i.e., ‘comply or explain’).
The first empirical essay examines: Does corporate governance affect default risk? And does the relationship between corporate governance and default risk depend on growth opportunities and stock liquidity? This study extends the prior literature on the governance–default linkage as this is the first to show that composite corporate governance score is significantly relevant to the reduction of default risk in the Australian context.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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2
Hovey, Delia. "Idiosyncratic Risk and Corporate Governance: An Empirical Analysis of Australian Listed Firms." Thesis, Griffith University, 2015. http://hdl.handle.net/10072/366089.
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The primary focus of this study is on the relationship between idiosyncratic risk and corporate governance, and the first research question is based on this. A secondary focus of the study is on the relationship between firm performance and corporate governance, and the second research question is based on this. Then, a potential corporate governance-to-idiosyncratic volatility-to-firm performance link is considered.
In this study, corporate governance is approached in the context of internal governance controls, based on board structure and composition, and also ownership and ownership structure. These are essential elements of corporate governance, and relevant for studies pertaining to a market with internal-governance-control characteristics, such as the Australian market.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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3
Li, Zhongtian. "Corporate sustainability in Australia: Performance, disclosure and governance." Thesis, Queensland University of Technology, 2020. https://eprints.qut.edu.au/202715/1/Zhongtian_Li_Thesis.pdf.
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This thesis focuses on sustainability disclosure, sustainability performance, and sustainability committee. Analysing a sample of Australian firms, the thesis found that good performers disclose more information and communicate in optimistic, certain, and clear terms; they also present their information in a more readable way; the experience of sustainability disclosure improves the performance, and sustainability committee also contributes to the performance. The findings should of interest to investors, directors, managers, and regulators in Australia.
4
Abedi, Shamsabadi Hussein. "Corporate Governance and Dividend Strategy: Lessons from Australia." Thesis, Griffith University, 2017. http://hdl.handle.net/10072/365571.
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Corporate governance in Australia has become important according to both academic and managerial perspectives. The governance system is a dynamic force which has been evolving continuously. A series of corporate collapses and the recent global financial crisis have encouraged most countries including Australia to develop their governance systems, and policy makers to develop a code for the role of governance (Aguilera & Cuervo-Cazurra, 2009; Beekes et al., 2011).
The common law system for corporate governance in Australia is similar to the Anglo-Saxon so-called “outsider” system of ownership and control, which is typical of the board structure in the United Kingdom (UK) and the United States (Dignam & Galanis, 2004). This governance mechanism is a framework of rules, practices, systems, and relations by which a company and its authorities and managers are controlled and directed. This involves balancing the interests of insiders (managers) and outsiders (such as customers, shareholders, financiers, and government). Therefore, the structure of this governance can influence the way the objectives of a company are set and achieved, the way that performance is optimized, and how risks are monitored and assessed.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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5
Pham, Hai Yen. "Essays on Corporate Governance and Stock Returns in Australia." Thesis, Griffith University, 2017. http://hdl.handle.net/10072/367909.
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This thesis examines the impact of corporate governance-related factors, particularly CEO incentive compensation, discretionary accruals and firm technical efficiency improvement, on stock returns in Australia. The motivation to investigate these impacts was the increasing importance of the equity-based compensation component in CEO remuneration packages, the numerous financial reporting scandals at high profile companies such as Enron, WorldCom and HIH Insurance, and an urgent call from the government on improvement in productivity. Among various corporate governance mechanisms, CEO compensation is viewed as an efficient incentive to align the interests of managers with those of shareholders. According to agency theory, effective compensation policies, particularly incentive-based pay, induce managers to make more effort, and to undertake risky and shareholder-wealth-increasing
investments to increase their firms' value. However, in practice, some argue that too close a link between CEO compensation and firm performance may cause CEOs to become either too conservative or too aggressive, which may lead to suboptimal investments and lower firm value.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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6
Sharar, Zain. "A comparative analysis of the corporate governance legislative frameworks in Australia and Jordan measured against the OECD Principles of Corporate Governance 2004 as an international benchmark." ePublications@bond, 2006. http://epublications.bond.edu.au/theses/sharar.
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In recent years, countries across the globe have come to realise the importance of an official corporate governance regime, which provides a platform for market integrity and efficiency, as well as facilitating economic growth. Formulating effective corporate governance measures is a complex task for legislators. The purpose of this paper is to provide an in depth analysis and comparison of the corporate governance legislative frameworks in Australia and Jordan. In 2004, the Organisation for Economic Cooperation and Development (OECD), in conjunction with national and international governmental organisations, finalised a universal set of corporate governance principles. Although non-binding, the OECD Principles 2004 are a serious attempt to strengthen every aspect of corporate governance and, accordingly, have been utilised in this paper as an international benchmark.The ultimate objective of this paper is to formulate a number of detailed and specific recommendations to the Jordanian Government. Jordan’s legislative framework for corporations received a significant shake-up a decade ago when the Jordanian Government began the process of implementing a privatisation program under the guidance of the World Bank and the International Monetary Fund. Despite a number of positive developments since this program was initiated, the Jordanian Government has continually failed to recognise the importance of promoting good corporate governance. There can be no doubt that the Jordanian companies’ legislation is in desperate need of reform. The vast majority of the provisions are ambiguous and lack the necessary detail to regulate the complex sphere of company law. In this writer’s opinion, the relevant authorities in Jordan must act immediately to bring the country’s legislative regime into line with internationally recognised standards and practices. Chapter 1 of the paper sets out an introductory explanation of corporate governance and corporate structure. Chapter 2 provides a brief account of the history of company law in Jordan and a description of the different types of company structures permitted under the relevant Jordanian legislation. Chapter 3 provides a detailed discussion of the corporate governance principles formulated by the OECD. The process began in 1999 and was completed in 2004 after extensive revision and consultation. Chapter 4, the core part of the paper, presents a comparative analysis of the implementation of the OECD principles in Australia and Jordan. Chapter 5 provides an explanation and analysis of two important shareholders’ remedies in the Australian companies’ legislation that do not exist in Jordan. Finally, Chapter 6 provides a summary of analysis and sets out a list of recommendations to the Jordanian Government.
7
McCabe, Margaret. "Directors' perceptions of best practice in corporate governance in Australia." Thesis, Curtin University, 2002. http://hdl.handle.net/20.500.11937/2479.
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In this study directors of public listed companies around Australia gave their perceptions of best practice in corporate governance. A qualitative methodology within the constructivist paradigm was used along with a questionnaire thus making it a linked study. Mechanisms to assist in demonstrating rigour in the research process were developed and implemented as part of the research. The findings presented a description of best practice in corporate governance and a definition of corporate governance. Emerging from the findings was a model of best practice that was consistent with complex adaptive systems theory. Stakeholder theory was seen to provide the mechanism for developing activities that support the best practice model.
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McCabe, Margaret. "Directors' perceptions of best practice in corporate governance in Australia." Curtin University of Technology, Graduate School of Business, 2002. http://espace.library.curtin.edu.au:80/R/?func=dbin-jump-full&object_id=16227.
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In this study directors of public listed companies around Australia gave their perceptions of best practice in corporate governance. A qualitative methodology within the constructivist paradigm was used along with a questionnaire thus making it a linked study. Mechanisms to assist in demonstrating rigour in the research process were developed and implemented as part of the research. The findings presented a description of best practice in corporate governance and a definition of corporate governance. Emerging from the findings was a model of best practice that was consistent with complex adaptive systems theory. Stakeholder theory was seen to provide the mechanism for developing activities that support the best practice model.
9
Xu, Suichen. "The impact of corporate governance on private placements in Australia." Thesis, Queensland University of Technology, 2014. https://eprints.qut.edu.au/69840/1/Suichen_Xu_Thesis.pdf.
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In private placement transactions, issuing firms sell a block of securities to just a small group of investors at a discounted price. Non-participating shareholders suffer from ownership dilution and lose the opportunity to receive the discount. This thesis provides the first evidence on whether and how corporate governance can protect non-participating shareholders' interests. Results from an examination of 329 private placements issued by the top 250 Australian firms between 2002 and 2009 demonstrate that firms with higher governance quality are more likely to issue a share purchase plan (SPP) along with the private placement, thus providing greater protection to non-participating shareholders' interests.
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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.
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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
11
Cullen, Lisa M. "Determinants of corporate governance disclosures by Australian listed companies subsequent to the introduction of ASX listing rule 4.10.3." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2002. https://ro.ecu.edu.au/theses/751.
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This study has considered the incentives motivating listed mining and industrial companies to provide governance related disclosures in their annual reports. An examination is made of the impact of listing rule 4.10.3 that was applicable from 30 June 1996. Accordingly the years 1995, 1996 and 1997 are examined. A sample of 100 mining companies and 100 industrial companies was drawn primarily from the Connect 4 database of companies. Adopting political cost theory the study hypothesised that governance disclosures were positively related to the proportion of non-executive directors, gearing, ownership diffusion, Big 6 external auditor and firm size.
12
Ziolkowski, Richard, and n/a. "A re-examination of corporate governance: concepts, models, theories and future directions." University of Canberra. Law, 2005. http://erl.canberra.edu.au./public/adt-AUC20060411.150123.
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This thesis represents a scholarly journey towards an understanding of
corporate governance. Unlike the vast majority of writings on governance, this
work attempts to take a step back, and to consider why and how we should
study corporate governance. These critical questions have been largely
ignored during the frenzy of governance research in the past few decades.
The thesis argues that corporate governance theory and practice reflects a
Tower of Academic Babel¹ reality as writers from diverse backgrounds use
different approaches, invent terminology and proclaim a new 'theory'. The
thesis analyses the extent of this conceptual confusion about corporate
governance and why this arises. It also considers some possible reasons for
the increasing disillusionment with the legal, ethical, cultural, institutional,
regulatory and other contexts of corporate governance.
The corporate governance literature indicates that much uncertainty has
arisen over the nature of corporate governance. Both, denotative and
connotative meanings of corporate governance have been ambiguous, often
because of poorly defined concepts. This ambiguity is compounded by
confusion over methodological concepts such as "paradigm", "system",
"model" and "theory", the key constructs employed by many legal, and other,
writers. Moreover, much of the literature on corporate governance is founded
on ethnocentric concepts that are often "chauvinistic in the extreme".² This
confusion has been intensified by the added complexity of unique
phenomenology, demonstrated by numerous writers with "scholarship and
advocacy that is culturally and economically insensitive"³
This thesis argues that the search for corporate efficiency and effectiveness
is often misguided, both because of biased performance criteria and a lack of
a clear conceptual domain. Consequently, the corporate governance
discourse fails meaningfully to address the enigma of what is the range of
corporate governance influence on corporate activities? The overarching
argument made in this thesis is that our understanding of corporate
governance requires a clarification of methodological approach and a
comparative perspective.
By recasting corporate governance research within consistent models,
theories and applications this thesis lays the foundation for future research by
which we may investigate the causal relationships that determine corporate
efficiency, effectiveness and the optimum structures for good corporate
governance.
practitioners from most cultures.
13
Atif, Muhammad. "Three Studies on Corporate Governance and Cash Holdings." Thesis, Griffith University, 2018. http://hdl.handle.net/10072/382035.
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This thesis is structured around three interrelated empirical studies investigating the relationship between corporate governance and cash holdings in Australia and the US. Several reasons make this relationship both important and worth investigating empirically: (i) large cash holdings around the world and particularly in Australia and the US, (ii) the increased attention of regulators towards strengthening shareholder say on pay, (iii) the proliferated attention of regulators around the world calling for greater gender diversity on boards, (iv) the emergence of non-financial firm performance (environmental, social and governance – ESG) as a holistic mechanism in firm evaluation by investors, (v) the relatively small body of literature investigating this relationship, and (vi) a unique Australian setting: mandatory say on pay.
The first empirical study examines the impact of Australia’s Remuneration Amendment Act 2011 on CEO compensation and its spill-over effect on cash holdings in order to better understand how the new legislation affects the principal–agent relationship. This study finds, using a sample of ASX top 300 firms from 2004 to 2015 that the Act leads to more use of equity-based compensation. The study also reports that, after the introduction of the Act, CEO equity-based and total compensations are negatively (positively) related with (the value of) cash holdings: that is, more equity and total compensations lead to lower cash holdings (a spill-over effect), indicating alignment of the principal–agent interests. These results are robust to different estimation techniques. This study contributes to the CEO compensation literature by providing a strong empirical evidence that the regulations (the Act) are effective in changing the CEO compensation structure, leading to more equity-based incentives and fewer cash bonuses across the market of large and established Australian firms. The study demonstrates in a novel piece of evidence that the Act has the capacity to influence the CEO compensation structure as well as other key decisions such as cash holdings and praises the Act for these achievements. The findings of this study provide important insights into the discussion on compensation regulations.
The second empirical study examines whether board gender diversity affects corporate cash holdings using S&P 1500 indexed firms in the US for the period 2006–2015. This study documents a significantly negative relationship between board gender diversity and cash holdings. The study also finds, in a channel analysis, that female independent directors have a strong negative effect on cash holdings, consistent with the monitoring function. Moreover, the study finds that the presence and voice of female directors have a negative impact on cash holdings, consistent with critical mass theory. These findings are robust to alternative econometric specifications, alternative measures, propensity score matching, and difference-in-differences. This study extends the recent body of gender diversity literature by providing strong empirical evidence of the negative impact of board gender diversity on cash holdings – a key corporate decision. It also contributes to the growing research that links women on boards to the monitoring function. This study also extends gender diversity literature by providing empirical evidence consistent with the critical mass theory that women’s presence and voice are strongly associated with cash holding decisions. This study offers useful insights into the current global debate on gender diversity and its implications for firms.
The third empirical study examines whether corporate environmental, social, and governance (ESG) performance affects corporate cash holdings in S&P 1500 indexed US firms for the period 2006 to 2015. This study documents a significantly negative relationship between ESG and cash holdings in general, and finds a negative effect of ESG on cash holdings in the introduction, growth, and decline/shakeout stages of the firm life-cycle in particular, consistent with having a strong governance mechanism. These findings are robust to alternative econometric specifications, alternative measures of ESG, cash holdings, and the firm life-cycle; they are also robust to propensity score matching and using an instrumental variable approach. This study contributes to the recent body of literature on ESG by providing strong empirical evidence of a negative effect of firms’ ESG performance on cash holdings. This study also contributes to the growing body of literature linking corporate policies with different stages of the firm life-cycle (e.g., Dickinson, 2011; Faff et al., 2016) by shedding new light on the relationship between the firm life-cycle and cash holdings. This study highlights the role of ESG as a holistic governance mechanism, suggesting that ESG negatively affects cash holdings in the introduction, growth, and decline stages of the firm life-cycle because of both better access to the capital market and a reduction in the agency problem. This study compliments the current discussion on the importance for firms as well as investors and stakeholders to consider EGS before making investment decisions.
From the findings of these interrelated studies, this research concludes that say on pay is imperative to strengthen corporate governance in Australia. It also supports the notion that regulations such as the Remuneration Amendment Act 2011 could provide better governance mechanism. Moreover, the research finds board gender diversity to be an important factor in strengthening internal governance mechanism, enhancing board monitoring functions and helping to reduce the agency problem. Lastly, the research provides insights into the importance of ESG as a holistic internal and external governance mechanism for firms, stakeholders and society at large. This thesis documents the contributions of this research to the global debate on say on pay regulations, calls for greater board gender diversity, and to the importance of ESG for firms and investors.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Dept Account,Finance & Econ
Griffith Business School
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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.
15
Lin, Michelle Ching-Yi. "Initial public offerings and board governance : an Australian study." University of Western Australia. School of Economics and Commerce, 2006. http://theses.library.uwa.edu.au/adt-WU2006.0027.
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In March 2003, the Australian Stock Exchange (ASX) released new corporate governance guidelines, which included debatable “best practice” recommendations such as the adoption of an independent board and separation of the roles of chairperson and CEO. Given the premise that strong corporate governance enhances shareholder value and, by extension, increases initial public offering (IPO) issuers’ appeal to investors, this thesis assesses the level of conformity by a sample of Australian firms, which made an IPO between 1994 and 1999, with the best practice recommendations. We also examine the relationship between firm outcomes (including IPO underpricing, post-IPO long-run performance, and the likelihood of a SEO) and board governance quality, captured by board composition, board leadership, board size and share ownership of directors. These outcomes are addressed as they are important dimensions of firm performance that may be reasonably assumed to be associated with the quality of corporate governance, and these tests can provide an insight into the preference of investors who arguably are best placed to assess the appropriateness of the recommendations promoted by the ASX. Further, we analyse changes in IPO firms’ board structures from the time of listing to five years later to determine if IPO firms adopt governance structures that are more in line with the best practice recommendations after listing and if the changes are related to IPO firms’ long-run performance. Overall, we find that IPO firms that arguably have the strongest incentive to adopt the “optimal” board structures diverge substantially from ASX’s recommendations both at the time of IPO and five years later. IPO firms’ board structures are found to be unrelated with the level of IPO underpricing and board size, after controlling for the size of the firm, is significant in explaining both long-run aftermarket performance and the probability of a SEO. IPO firms with larger boards and those that increase the board size after listing are found to perform better in the long-run. However, contrary to expectation, smaller boards are associated with a higher likelihood of equity reissuance. Overall, the results lead us to question the role played by the board of directors in signalling firm quality. Our findings also suggest that ASX’s best practice recommendations are likely to distort the market-driven practices already in place.
16
Nadarajah, Prashanthi Banking & Finance Australian School of Business UNSW. "Top management turnover: an empirical examination of changes in portfolio holdings and investment performance." Awarded by:University of New South Wales. Banking and Finance, 2004. http://handle.unsw.edu.au/1959.4/19356.
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This thesis presents two research projects examining the relationship between top management turnover (i.e. investment directors of funds management firms) and the performance of actively managed Australian institutional funds. Khorana (1996, 2001) studies this relationship from purely a performance perspective using U.S. managed funds. This thesis extends the work of Khorana (1996, 2001) by providing investors and other stakeholders with empirical evidence on performance, sources of performance and the dynamics of portfolios in the pre-and-post replacement periods. This issue is significant given the importance of executive management in the implementation of the institution's investment strategy, the sizeable assets under their control, as well as the overall success and profitability of the funds management operation. In addition, investors, asset consultants, managed fund ratings agencies and the financial media devote significant resources in scrutinizing the performance, organizational activities, leadership and human capital of investment management firms. Accordingly, the first research project examines the impact of performance and fund flow activity on top management turnover in both the pre-and-post replacement periods. The research documents that turnover of underperforming investment managers results in significantly higher performance in the post-replacement period, while turnover coinciding with outperforming managers delivers investors significantly lower returns (risk-adjusted). The evidence also identifies significant changes in portfolio risk associated with managerial turnover. Finally, the study finds that underperforming investment managers exhibit significantly lower fund flows prior to replacement. The second research project represents the first rigorous analysis of top management turnover with respect to monthly portfolio holdings for a sample of actively managed Australian equity funds. An examination of the dynamics of portfolios surrounding both the departure and the arrival dates of investment managers provides a finer decomposition in understanding investment performance, the sources of value added and the extent to which momentum strategies are executed both pre-and-post the turnover event. Accordingly, the study examines a manager's success or failure depending on 'winner' and 'loser' stock holdings, portfolio turnover, reliance on momentum strategies, variation in portfolio risk, stock preferences and fund flows for underperforming versus outperforming investment directors in the pre-and-post replacement periods. The research also documents that new investment managers of previously underperforming portfolios exhibit superior stock-selections skills in the post-replacement period, therefore reversing the portfolio's previously poor performance. The study finds that new investment managers liquidate 'loser' stocks (i.e. cleaning out the portfolio) as well as decreasing the portfolio's concentration (i.e. increases the portfolio's diversification and lowering tracking error). The results also indicate that underperforming investment managers in the pre-replacement period exhibit a preference for larger stocks (i.e. more liquid stocks with greater relative benchmark weights in the index), growth-oriented securities and a preference towards riding past period winners (i.e. following momentum strategies), however they are unable to successfully select and exploit momentum stocks. On the other hand, incoming managers of underperforming portfolios in the pre-replacement period do not show any particular stock size preference. The study also shows these managers prefer growth stocks, do not rely on momentum strategies, and yet still display superior returns in the post-replacement period. The study also documents that new investment managers of previously outperforming portfolios are unable to replicate the performance of the previous head of equities. In terms of stock preferences related to superior performing portfolios, the results show that departing investment managers prefer larger stocks and select stocks based on momentum strategies. On the other hand, incoming investment managers have a greater preference for smaller stocks, are less reliant on momentum strategies and prefer more volatile securities, however, these strategies do not provide superior returns relative to the pre-replacement period.
17
Phillips, William J. "A comparison of perceived social responsibility standards with perceived social responsibility performance in the Australian banking industry : A stakeholder analysis." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2002. https://ro.ecu.edu.au/theses/711.
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The purpose of this study is to investigate extent to which Australian banking corporations embrace social responsibility. It endeavours to establish the meaning of social responsibility generally and corporate social responsibility (CSR) in particular. In view of the multiple definitions of the concept of ‘social responsibility’ offered by various authors Such.1 Boatright (1993), Freeman (1994), Walters (1977), and Wheeler (1998), the views of power dependent Australian bank stakeholders were solicited to form an operational definition for the study. This created a collective conception of social responsibility as it is applied to Australian banks, allowing corporate social responsibility standards to be established against which perceived social responsibility performance of Australian banks could be compared.
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Ramage, Paul. "Factors impacting on the adoption and operation of corporate governance reform in Australian state government departments." Thesis, full-text, 2009. https://vuir.vu.edu.au/1992/.
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Corporate governance reforms are increasingly common in public sector organisations. Despite the scope of recent and ongoing public sector change, the processes used to adopt and operate public sector corporate governance reform are not clearly documented. In some cases there is evidence of reform failure. This study sought to identify and describe the variables associated with corporate governance
change in Australian state government departments, particularly the factors that impact on the adoption and operation of reform. Concepts associated with scientific management (rational/technocratic influences) and organisational culture (political/cultural influences), and
their impact on change, were combined to produce a framework that was tested in two phases. Phase one focused on the collection of qualitative data relating to corporate governance reform in the Victorian Department of Human Services. The second phase involved the collection of quantitative data from chief executives and senior executives in all Australian state government departments. The qualitative data collected in phase one was used to
validate the conceptual framework which was then further tested using quantitative methods during phase two.
Phase one and two findings were consistent with the conceptual model. In particular, a factor analysis of phase two results identified the adoption of change being influenced by leadership capability; external improvement drivers; internal improvement drivers; organisational
politics; the capacity of an organisation to interpret knowledge; and changes in an organisation’s operating environment. The operation of reform was influenced by continuity of leadership; actions taken to embed change and build supportive attitudes to change; management of organisational politics; and the capacity of an organisation to understand change. The immediate implication of this research is the definition of a new model to manage corporate governance change. The rational/scientific and political/cultural factors identified by this project provide an integrated approach that can be drawn upon by change actors. It acknowledges the significance of the rational/scientific and political/cultural factors that come into play during corporate governance reform. This study has filled a gap relating to how public sector organisations go about making
corporate governance changes and provides customised and practical recommendations for future corporate governance reforms in Australian state government departments. These
include giving priority to corporate governance reform training (the research found that only around one in two senior officers had been trained in corporate governance reform) and further strengthening organisational leadership (leadership was identified as a critical factor at
both the adoption and operation stages of corporate governance reform). This research provides new insight into understanding corporate governance change in an Australian public sector context and provides a model to more effectively manage future reform.
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Tucker, Tony Ralph, and n/a. "Corporate Governance in the Australian Public Service. An examination of success andfailure, with particular reference to the Department of Immigration and Citizenship." University of Canberra. n/a, 2008. http://erl.canberra.edu.au./public/adt-AUC20081209.091200.
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The introduction of New Public Management reforms to the Australian Public Service in the 1980s and 1990s marked a substantial shift away from the traditional process-based public sector model to a market-driven one. These reforms accelerated with the election of the Howard government in 1996, which moved the public sector to become more like the private sector, but failed to address directly the changes needed in accountability and control of the APS. This study explores the evolution of corporate governance as a means of filling that gap in the APS. The ultimate responsibility for ensuring corporate governance is appropriately applied in departments of state rests jointly with the minister and the secretary, in their roles in administering and managing the organisation, and in particular fostering and modelling appropriate organisation citizenship behaviour.
Corporate governance exists In the APS, as in the private sector, as a dichotomy offormal and informal elements, and the informal elements play a paramount role in achieving results for government that are lawful, fair and reasonable; adherence to formal corporate governance processes alone is insufficient to protect an organisation from failure. The example of DIMA was used to demonstrate that even an organisation with a proud international record in assisting the most vulnerable in the world through its refugee and humanitarian programs can fail if its corporate governance mechanisms are not universally and correctly applied throughout the organisation, resulting in outcomes described as "catastrophic" for the individuals concerned.
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Bambach, Matthew. "Maximising Board governance effectiveness in small and medium-sized Australian independent schools." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2020. https://ro.ecu.edu.au/theses/2310.
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My experience of working with boards of independent schools has led me to conclude that boards often struggle to know how they might make their governance more effective. Very little has been written and few empirical studies have investigated governance of independent school boards in Australia, despite the considerable responsibility and power entrusted to them. This study asks how well such boards are governing and what they could do to engender fully effective governance.
Currently, there are no standards or instruments for assessing the effectiveness of board governance. This study identified seven governance effectiveness factors (GEFs) from the literature on governance in schools and other non-profit organisations. These factors were used as assessment instruments in seven case studies of school boards in small to medium-sized independent schools. The research was predominantly qualitative and involved four research methods: a survey, semi-structured interviews, a review of board documents and observation of board meetings.
The data were explored by assessing the GEFs within each case and across cases. The findings showed that five boards demonstrated poor governance effectiveness, one was very poor and only one was effective. Three unexpected themes emerged from the data, showing how boards can move towards governance by delegating operational management of the school to the principal. These involve boards understanding, first, the nature of governance and developing the intention to govern effectively, second, when and how to make the difficult transition from operational management to governance, and third, how to adapt their approach to governance as they gain experience with it. A model of this transition process and a framework to guide managers and researchers through key decisions were developed. These fill a critical gap in the literature on board management in independent school governance.
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Stapledon, G. P. "Controlling the controllers of public companies : a study of the role of shareholders in corporate governance in the United Kingdom and Australia." Thesis, University of Oxford, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.260137.
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Gao, Boshi. "Does board gender diversity influence the adoption of conservative accounting policies?" Thesis, Queensland University of Technology, 2021. https://eprints.qut.edu.au/209801/1/Boshi_Gao_Thesis.pdf.
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The thesis examines whether corporate board gender diversity affects corporate accounting conservatism. This study finds that board gender diversity is positively associated with corporate accounting conservatism and that the voluntary board gender requirements in Australia from 2010 to 2014 (‘post’ recommendation period) did not significantly influence the strength of the association between board gender diversity and corporate accounting conservatism. These findings serve as a good reference point for policy makers and further studies investigating gender quota recommendations in the future.
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Gillett, Rodney A. "Steering in the same direction? : an examination of the mission and structure of the governance of providers of pathway programs." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2011. https://ro.ecu.edu.au/theses/543.
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The purpose of the study was to examine the mission and structure of governance of three providers of pre-university pathway programs based in Australia and operating on a global basis. The aim of the research was to investigate changes, if any, to the purpose and form of governance in this sector for which virtually no research has been undertaken. The literature review of governance in the higher education sector on a global scale in relation to universities revealed an increasing trend toward a corporate style of management. The literature also revealed that the distributors of pathway programs are operating in a highly competitive international environment. It became apparent that models of governance are undergoing re-adjustment to meet the needs of the market and to ensure commercial viability for the content provider. As a result, new models are emerging and changing the approach to the manner in which governance is undertaken.
The method of investigation for this study was a cross-case study of three major education providers engaged in the delivery of pathway education programs on a global basis. Each of the cases selected had a different ownership structure; - a public university; a not-for-profit education organisation; and a publically-listed corporation. By looking closely at the two main parts of the framework of institutional governance, firstly, at the structure (organisational form); and secondly, on the mission (purpose of the organisation) it was possible to determine the salient features of governance and draw a conclusion as to the governance model adopted. The use of Burton Clark’s (1983) Triangle of Co-ordination provided a theoretical framework to evaluate the models of governance and to place them in the relevant context; that is, dominated by one of the elements in the triangle: the government, the academy, or the market. In addition to the two central parts of governance, the elements of quality assurance and accountability that are fundamental to good governance were examined to provide additional evidence of the model adopted.
The small-scale investigation revealed a convergence between public and private providers in their governance structures but not necessarily in their missions. The findings were that all three education organisations have adopted governance models that are based on corporate principles. However, while each of the entities had adopted a corporate structural mechanism this does not fully align with their stated missions. The examination of the mission and structure of the respective governance frameworks of each of the case studies showed a convergence to the market spectrum of Clark’s model.
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Al-Zoubi, Abdallah Bader Mahmoud. "Director independence or decision bias? An investigation of alternative sources of agency costs in board decision making." Thesis, Queensland University of Technology, 2015. https://eprints.qut.edu.au/89752/1/Abdallah_Al-Zoubi_Thesis.pdf.
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Research into boards traditionally focuses on independent monitoring of management, with studies focused on the effect of board independence on firm performance. This thesis aims to broaden the research tradition by consolidating prior research and investigating how agents may circumvent independent monitoring. Meta-analysis of previous board independence-firm performance studies indicated no systematic relationship between board independence and firm performance. Next, a series of experiments demonstrated that the presentation of recommendations to directors may bias decision making irrespective of other information presented and the independence of the decision maker. Together, results suggest that independence may be less important than the agent's motivation to misdirect the monitoring process.
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Jarron, Christina. "More nearly social institutions legal regulation and the sociology of corporations /." Phd thesis, Australia : Macquarie University, 2009. http://hdl.handle.net/1959.14/81460.
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"October 2008"Thesis (PhD)--Macquarie University, Division of Society, Culture, Media and Philosophy, Dept. of Sociology 2009.
Bibliography: leaves 273-293.
Introduction -- Patterns of corporate activity as patterns of corporate dominance: legal, organisational, and economic features of corporations -- Representations of corporate dominance in insidious injuries -- The legal basis of corporate dominance: History of the corporation -- Legal individualism and corporate personhood -- Theories of the corporation -- The legal regulation of corporations - corporate liability laws -- Conclusion.
Corporations are no longer simply a type of business structure; they are dominant social institutions. As institutions, corporations are archetypes of contemporary complex social organisation and should, therefore, be a central concern for sociology. Yet with few notable exceptions, sociologists have failed to address their increasingly dominant position in contemporary societies. In this thesis I argue the importance of a renewed sociological interest in corporations. This must acknowledge, but go beyond, the political-economic outcomes of corporations to address the profound consequences of the legal foundations of the corporate form. Corporations are created and regulated by legal doctrine; it is only with a legal mandate that corporations are able to act as employers, suppliers and investors. On this basis, I claim that any understanding of corporate dominance and its effects must commence with an appreciation of the laws that enable the corporation to exist and operate. -- While contributing significantly to wealth creation, corporate dominance also increases the potential for harm to occur to individuals and communities who fall within a corporation's scope. The contemporary proliferation of industrial illnesses is a prime example of this and is examined through a case study of the operations of an Australian asbestos corporation, James Hardie. This case study is timely and unique in its specification of the link between corporate activity and law in contemporary society. -- I argue that corporate activity such as that in the case study is enhanced and legitimated by the legal description of the corporation that assigns to it the capacities of a human individual through corporate legal personhood. Corporate personhood is examined as an example of the legal individualism endorsed in liberal common law countries. By exploring accounts of corporate structure, decision-making and work processes, I explain how the individualised description of the corporation is at odds with its collective realities; the largest and most successful corporations are collectives of human and monetary resources. -- In light of this, I question the extent to which the effective regulation of corporations can be achieved within existing legal frameworks. Building upon research into workplace health and safety in the United Kingdom, the regulation of workplace deaths in Australia is examined to demonstrate the various approaches to regulating corporations and to identify their shortcomings. This is a striking example of the problems law faces in regulating corporations by virtue of its individualistic design. -- The thesis concludes with an affirmation that sociology needs to grapple with issues of corporate activity and that an understanding of the legal basis of the corporation is the foundation of such studies.
Mode of access: World Wide Web.
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Liu, Wenxuan. "Ownership, corporate governance and timeliness of price discovery : Australian evidence." Thesis, Queensland University of Technology, 2012. https://eprints.qut.edu.au/61068/1/Wenxuan_Liu_Thesis.pdf.
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This study investigates whether and how a firm’s ownership and corporate governance affect its timeliness of price discovery, which is referred to as the speed of incorporation of value-relevant information into the stock price. Using a panel data of 1,138 Australian firm-year observations from 2001 to 2008, we predict and find a non-linear relationship between ownership concentration and the timeliness of price discovery. We test the identity of the largest shareholder and find that only firms with family as the largest shareholder exhibit faster price discovery. There is no evidence that suggests that the presence of a second largest shareholder affects the timeliness of price discovery materially. Although we find a positive association between corporate governance quality and the timeliness of price discovery, as expected, there is no interaction effect between the largest shareholding and corporate governance in relation to the timeliness of price discovery. Further tests show no evidence of severe endogeneity problems in our study.
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Rankin, Michaela, and Michaela Rankin@buseco monash edu au. "Determinants of Executive Remuneration: Australian Evidence." RMIT University. Accounting and Law, 2007. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20080812.140803.
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Corporate governance, and the role of executive pay in particular, has received increased attention from the media, government, and the business arena in recent years. The study reported in this thesis adds to our understanding of both the components and determinants of Australian remuneration packages for the top management team. It does so in four main ways: 1. The study examines the determinants of compensation of a range of senior executives within the organisation, in addition to the CEO. No Australian research, to date, explores the structure and determinants of remuneration beyond the CEO; 2. The research is conducted in a contemporary setting and timeframe, where corporations are subject to expanded disclosure requirements, when compared to the subjects of prior Australian research; 3. It examines an expanded range of factors documented in overseas research as likely to relate to remuneration, some of which have not been previously examined in Australian work; 4. Finally, in developing hypotheses concerning factors expected to relate to remuneration, the study reconciles the perspectives provided by both agency and managerial power theories in terms of how they present similar and differing propositions. The research examines both cash and incentive components of executive compensation disclosed by a sample of top 300 Australian companies in 2005. The model incorporates measures of firm performance, economic characteristics, board monitoring and governance characteristics, and ownership characteristics in an attempt to explain the level of executive compensation. The study extends analysis beyond the CEO to incorporate an investigation of both the structure and determinants of compensation of the top five executives, in addition to the CEO. Results indicate that the structure of CEO compensation has changed since prior Australian research was conducted, to include a more heavy reliance on incentive pay. In contrast to the US, the structure of CEO remuneration differs from that of non-CEO executives. As managers move progressively up the senior executive hierarchy, short-term cash bonus and share-based incentive pay both become more important as components of remuneration. There is also a greater reliance on performance hurdles than has been documented in prior Australian and international research. The expectation that remuneration is now more strongly tied to firm performance is supported. The size and complexity of the firm are also considered to be important in determining the level of various components of both CEO and non-CEO executive compensation. This supports the view that larger, more complex entities attract higher quality executives, and pay for such quality and expertise. Growth firms are more likely to pay higher levels of incentive pay and total compensation to CEOs than non-growth firms. Executive remuneration also relates to the strength of various monitoring and governance mechanisms, although to a greater extent for CEOs than for other senior executives. Managers are able to influence the remuneration-setting process where governance structures are weak, or where they have greater influence. In some cases factors relating to CEO compensation differ from those associated with compensation of lower-level executives.
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Plastow, Kevin Patrick. "An analysis of the nature and effectiveness of corporate governance in smaller listed Australian companies." Thesis, Queensland University of Technology, 2011. https://eprints.qut.edu.au/44036/1/Kevin_Plastow_Thesis.pdf.
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The objective of this thesis is to investigate the corporate governance attributes of smaller listed Australian firms. This study is motivated by evidence that these firms are associated with more regulatory concerns, the introduction of ASX Corporate Governance Recommendations in 2004, and a paucity of research to guide regulators and stakeholders of smaller firms. While there is an extensive body of literature examining the effectiveness of corporate governance, the literature principally focuses on larger companies, resulting in a deficiency in the understanding of the nature and effectiveness of corporate governance in smaller firms.
Based on a review of agency theory literature, a theoretical model is developed that posits that agency costs are mitigated by internal governance mechanisms and transparency. The model includes external governance factors but in many smaller firms these factors are potentially absent, increasing the reliance on the internal governance mechanisms of the firm. Based on the model, the observed greater regulatory intervention in smaller companies may be due to sub-optimal internal governance practices. Accordingly, this study addresses four broad research questions (RQs). First, what is the extent and nature of the ASX Recommendations that have been adopted by smaller firms (RQ1)? Second, what firm characteristics explain differences in the recommendations adopted by smaller listed firms (RQ2), and third, what firm characteristics explain changes in the governance of smaller firms over time (RQ3)? Fourth, how effective are the corporate governance attributes of smaller firms (RQ4)?
Six hypotheses are developed to address the RQs. The first two hypotheses explore the extent and nature of corporate governance, while the remaining hypotheses evaluate its effectiveness. A time-series, cross-sectional approach is used to evaluate the effectiveness of governance. Three models, based on individual governance attributes, an index of six items derived from the literature, and an index based on the full list of ASX Recommendations, are developed and tested using a sample of 298 smaller firms with annual observations over a five-year period (2002-2006) before and after the introduction of the ASX Recommendations in 2004.
With respect to (RQ1) the results reveal that the overall adoption of the recommendations increased from 66 per cent in 2004 to 74 per cent in 2006. Interestingly, the adoption rate for recommendations regarding the structure of the board and formation of committees is significantly lower than the rates for other categories of recommendations. With respect to (RQ2) the results reveal that variations in rates of adoption are explained by key firm differences including, firm size, profitability, board size, audit quality, and ownership dispersion, while the results for (RQ3) were inconclusive. With respect to (RQ4), the results provide support for the association between better governance and superior accounting-based performance. In particular, the results highlight the importance of the independence of both the board and audit committee chairs, and of greater accounting-based expertise on the audit committee. In contrast, while there is little evidence that a majority independent board is associated with superior outcomes, there is evidence linking board independence with adverse audit opinion outcomes. These results suggest that board and chair independence are substitutes; in the presence of an independent chair a majority independent board may be an unnecessary and costly investment for smaller firms.
The findings make several important contributions. First, the findings contribute to the literature by providing evidence on the extent, nature and effectiveness of governance in smaller firms. The findings also contribute to the policy debate regarding future development of Australia’s corporate governance code. The findings regarding board and chair independence, and audit committee characteristics, suggest that policy-makers could consider providing additional guidance for smaller companies. In general, the findings offer support for the “if not, why not?” approach of the ASX, rather than a prescriptive rules-based approach.
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Lin, Michelle Ching-Yi. "Initial public offerings and board governance : an Australian study /." Connect to this title, 2005. http://theses.library.uwa.edu.au/adt-WU2006.0027.
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Hill, Lesley Ellen. "Executive Incentives, Corporate Governance and Tax Haven Utilisation: Evidence from Australian Financial Institutions." Thesis, Curtin University, 2019. http://hdl.handle.net/20.500.11937/79399.
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This study extends prior research investigating the relation between firms’ use of tax haven jurisdictions and performance-based remuneration incentives of CEOs. Additionally, we assess the moderating role of corporate governance attributes on the relation between firms’ use of tax havens and the remuneration characteristics of CEOs in those firms. Based on a dataset of 1054 firm-year observations comprising publicly-listed Australian financial institutions over the 2008–2018 period, we find a positive and significant relation between firms’ use of tax havens and CEOs remuneration attributes. Governance attributes of CEOs pertaining to their tenure and level of gender diversity are significantly negatively related to tax haven utilization, and negatively moderate the relation between remuneration levels and tax haven use.
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Ramage, Paul. "Factors impacting on the adoption and operation of corporate governance reform in Australian state government departments." full-text, 2009. http://eprints.vu.edu.au/1992/1/Paul_Ramage_PhD_3521847_2009.pdf.
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Corporate governance reforms are increasingly common in public sector organisations. Despite the scope of recent and ongoing public sector change, the processes used to adopt and operate public sector corporate governance reform are not clearly documented. In some cases there is evidence of reform failure. This study sought to identify and describe the variables associated with corporate governance change in Australian state government departments, particularly the factors that impact on the adoption and operation of reform. Concepts associated with scientific management (rational/technocratic influences) and organisational culture (political/cultural influences), and their impact on change, were combined to produce a framework that was tested in two phases. Phase one focused on the collection of qualitative data relating to corporate governance reform in the Victorian Department of Human Services. The second phase involved the collection of quantitative data from chief executives and senior executives in all Australian state government departments. The qualitative data collected in phase one was used to validate the conceptual framework which was then further tested using quantitative methods during phase two. Phase one and two findings were consistent with the conceptual model. In particular, a factor analysis of phase two results identified the adoption of change being influenced by leadership capability; external improvement drivers; internal improvement drivers; organisational politics; the capacity of an organisation to interpret knowledge; and changes in an organisation’s operating environment. The operation of reform was influenced by continuity of leadership; actions taken to embed change and build supportive attitudes to change; management of organisational politics; and the capacity of an organisation to understand change. The immediate implication of this research is the definition of a new model to manage corporate governance change. The rational/scientific and political/cultural factors identified by this project provide an integrated approach that can be drawn upon by change actors. It acknowledges the significance of the rational/scientific and political/cultural factors that come into play during corporate governance reform. This study has filled a gap relating to how public sector organisations go about making corporate governance changes and provides customised and practical recommendations for future corporate governance reforms in Australian state government departments. These include giving priority to corporate governance reform training (the research found that only around one in two senior officers had been trained in corporate governance reform) and further strengthening organisational leadership (leadership was identified as a critical factor at both the adoption and operation stages of corporate governance reform). This research provides new insight into understanding corporate governance change in an Australian public sector context and provides a model to more effectively manage future reform.
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Christopher, Joseph E. R. "Corporate governance and the role of internal audit : the case of Australian public universities." Thesis, Curtin University, 2009. http://hdl.handle.net/20.500.11937/220.
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Over the last two decades a series of spectacular failures in corporate governance has raised concern about good governance of private and public sector organisations. These concerns inevitably extend to the Australian public university sector, a multi billion revenue earner for the Australian economy. This industry sector has undergone significant changes in strategic and operational direction over the past two decades, affected by a series of governmental reforms and other environmental influencing forces which have inevitably raised questions about governance.These questions have been raised against a background where the ‘traditional’ governance paradigm built on the principles of agency theory is being challenged by academics who have proposed a multi theoretical framework as a basis to take into account the impact of a wider set of influencing forces. A related and growing area within this alternative approach is the evolving role of internal audit as an important governance component. It has been broadly described as an important monitoring mechanism that has a significant role to play in the enhancement of governance.This study was concerned with determining what constituted good governance for the Australian public university sector within this alternative approach. In particular, the study sought to determine an operational governance framework for Australian public universities and the role of internal audit in the enhancement of university governance.The study commenced by examining the theoretical foundations of governance. It critically analysed the literature on the current underpinning theory of governance, agency theory, and recognised growing concerns as to its limitations. These limitations arose out of the inability to recognise wider external and internal influencing forces impacting on an organisation. The researcher in the current study developed a multi theoretical approach to overcome the limitations associated with dependence on the agency theory. A general governance framework was developed based on a multi theory approach. This general governance framework was than used as a basis to develop a specific conceptual governance framework for the Australian public university sector.The role of internal audit was also recognised as an important component of governance. A framework of best practice guidelines in relation to the type and range of activities to be undertaken and the relationship it needed to maintain with management, the audit committee and external auditors was established through a literature review.The university conceptual governance model and the theoretical role of internal audit within the Australian university sector were thereafter subjected to a confirmation and/or refinement and final authentication process with three groups of executive and senior university managers through qualitative and quantitative research processes.Overall there are number of significant implications arising from the results of the study. Firstly an appropriate operational governance framework has been developed for Australian public universities which recognise the wider influencing forces impacting on them. This outcome narrows the theoretical – practical gap for university governance and provides a working framework that can be used by university management and internal auditors to ensure all relevant governance mechanisms and processes are in place and operating efficiently to ensure effective governance. The framework is established against a revised governance concept for the university sector built on the understanding obtained through the research process that it has some distinct differences with the private and public sector and is pursuing a hybrid management approach.Secondly, the results indicate that there are a number of university internal audit functions not adhering to theoretical best practice guidelines established for the enhancement of university governance. This was principally due to a lack of mandatory guidelines in the structural and functional arrangements of internal audit functions across the sector. A related recommendation arising from these findings is for the Commonwealth Government to put in place policies to facilitate consistency in the structural and functional arrangements for internal audit functions. This would assist in the maintenance of quality with respect to internal audit functions in the context of public sector university governance.Thirdly, the findings contribute to the research literature in relation to governance and internal audit. In the governance area, the study has challenged the hegemony of agency theory and recognised a case for a multi theoretical approach to governance. While the model based on this multi theoretical approach has been utilised in this study to develop and authenticate a framework of governance for Australian public universities, there are implications for further research to test the model with a wider array of real life organisational settings to narrow the theoretical – practical gap in this general area. The results have also demonstrated different levels of development and implementation of governance processes within universities. These results provide further research opportunities to examine the relationship between the different levels of impact of the wider influencing forces on universities and development and implementation of governance processes. In the internal audit area, the study has assisted in the development of a quality framework to assess the role of internal audit functions. While this framework has been used and tested in this study, there are opportunities for further research to test the framework with different sectors and refine it, as appropriate.In summary, this thesis makes a modest but original contribution to the higher education literature of Australia. The thesis provides insights into the governance of Australian public universities, its governance paradigms and the role of internal audit in enhancing university governance. The thesis builds on a multi theoretical approach to develop, confirm and authenticate an operational governance model for Australian public universities and also determines the role of university internal audit departments in the enhancement of university governance. The study is exploratory in nature as both areas are relatively new research fields within the Australian public university sector. The findings will therefore assist in filling a knowledge gap in the governance of Australian public universities. The study also contributes to the growing level of literature on both university governance and internal audit, and provides further research opportunities in both these areas.
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Chua, Pih Fong. "Corporate Governance Determinants of Environmental and Climate Change Disclosures and Performance: An Australian Empirical Study." Thesis, Curtin University, 2018. http://hdl.handle.net/20.500.11937/68272.
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This study examines the association between corporate governance and environmental and climate-change (ECC) disclosures and performance of top ASX listed firms, during the operative periods of carbon pricing and prescriptive requirements on firms to disclose ECC information in corporate reports: 2011 to 2015. Quantitative evidence show board independence, environmental assurance, and boards with community affiliation are substantive measures while environmental committees and boards with environmental and social affiliations tend to be symbolic environmental governance measures.
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Pi, Lili. "The determinants of chief executive officer turnover in Chinese listed companies : An aspiration level and power perspective." Thesis, University of Ballarat, 2009. http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/57735.
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This study focuses on the determinants of CEO turnover of listed companies in China, the largest transitional and developing economy in the world, where governance institutions and structures are evolving. Drawing on the strategic change, aspiration, and CEO power literature, a CEO turnover model and a set of hypotheses have been contructed.Doctor of Philosophy
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Matthew, Anne F. "The conceptual legitimacy of support for risk-taking, entrepreneurship and innovation in Australian corporate law: A theoretical examination." Thesis, Queensland University of Technology, 2019. https://eprints.qut.edu.au/132567/1/Anne_Matthew_Thesis.pdf.
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Innovation, entrepreneurship and risk-taking play a pivotal role in economic growth and should be encouraged in a modern economy. This project considers how to best position the legal environment created by corporate law to encourage these phenomena, particularly among start-up ventures. The research explores this question by examining select elements of Australian corporate law through the lens of innovation economics, and breaks new ground in doing so. Using principles of neo-Schumpeterian economics, the research examines the law from industry, financial and public perspectives, and formulates recommendations for improvement and simplification.
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Smith, Kevin John. "Do board contacts matter? : an analysis of the relationship between boards of directors’ ties and the performance of Australia’s largest companies." Thesis, Queensland University of Technology, 2009. https://eprints.qut.edu.au/32188/1/Kevin_Smith_Thesis.pdf.
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Boards of directors are thought to provide access to a wealth of knowledge and resources for the companies they serve, and are considered important to corporate governance. Under the Resource Based View (RBV) of the firm (Wernerfelt, 1984) boards are viewed as a strategic resource available to firms. As a consequence there has been a significant research effort aimed at establishing a link between board attributes and company performance. In this thesis I explore and extend the study of interlocking directorships (Mizruchi, 1996; Scott 1991a) by examining the links between directors’ opportunity networks and firm performance. Specifically, I use resource dependence theory (Pfeffer & Salancik, 1978) and social capital theory (Burt, 1980b; Coleman, 1988) as the basis for a new measure of a board’s opportunity network. I contend that both directors’ formal company ties and their social ties determine a director’s opportunity network through which they are able to access and mobilise resources for their firms. This approach is based on recent studies that suggest the measurement of interlocks at the director level, rather than at the firm level, may be a more reliable indicator of this phenomenon.
This research uses publicly available data drawn from Australia’s top-105 listed companies and their directors in 1999. I employ Social Network Analysis (SNA) (Scott, 1991b) using the UCINET software to analyse the individual director’s formal and social networks. SNA is used to measure a the number of ties a director has to other directors in the top-105 company director network at both one and two degrees of separation, that is, direct ties and indirect (or ‘friend of a friend’) ties. These individual measures of director connectedness are aggregated to produce a board-level network metric for comparison with measures of a firm’s performance using multiple regression analysis. Performance is measured with accounting-based and market-based measures.
Findings indicate that better-connected boards are associated with higher market-based company performance (measured by Tobin’s q). However, weaker and mostly unreliable associations were found for accounting-based performance measure ROA. Furthermore, formal (or corporate) network ties are a stronger predictor of market performance than total network ties (comprising social and corporate ties). Similarly, strong ties (connectedness at degree-1) are better predictors of performance than weak ties (connectedness at degree-2).
My research makes four contributions to the literature on director interlocks. First, it extends a new way of measuring a board’s opportunity network based on the director rather than the company as the unit of interlock. Second, it establishes evidence of a relationship between market-based measures of firm performance and the connectedness of that firm’s board. Third, it establishes that director’s formal corporate ties matter more to market-based firm performance than their social ties. Fourth, it establishes that director’s strong direct ties are more important to market-based performance than weak ties.
The thesis concludes with implications for research and practice, including a more speculative interpretation of these results. In particular, I raise the possibility of reverse causality – that is networked directors seek to join high-performing companies. Thus, the relationship may be a result of symbolic action by companies seeking to increase the legitimacy of their firms rather than a reflection of the social capital available to the companies. This is an important consideration worthy of future investigation.
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Taylor, Grantley J. "Determinants of financial instrument disclosure patterns of Australian listed resource firms pre- and post-IFRS adoption." Thesis, Curtin University, 2008. http://hdl.handle.net/20.500.11937/516.
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This thesis investigates the pattern of Financial Instrument Disclosures (FIDs) within the annual reports of Australian listed extractive resource companies (mining and petroleum) over a four year longitudinal period encompassing the 2003 to 2006 financial years. This is an important period to investigate FID patterns as it encompasses those years leading up to and immediately following formal adoption of the Australian equivalents to the International Financial Reporting Standards (IFRS).Using an index (FIDI) comprising 120 items of financial instrument information to measure the extent of FIDs, there is a statistically significant increase in disclosures over the four year period with the greatest percentage increase occurring on transition to IFRS. Under IFRS, direct comparability with firms internationally can be made. Although the financial instrument disclosure requirements are the same pre- and post- IFRS adoption, the introduction of a new form of regulation makes a difference to managements’ financial reporting disclosure incentives. Total financial instrument disclosures, as measured by FIDI, increased from 34% in Yr 1 (year ending 31 December 2002 or year ending 30 June 2003) to 52% in Yr 4 (year ending 31 December 2005 or 30 June 2006), the latter representing the first full year annual reporting period under IFRS. Similar trends are observed for mandatory financial instrument disclosures (comprising 57 items) and discretionary financial instrument disclosures (comprising 63 items).The results of the main model regression analysis demonstrate that the independent variables of corporate governance, capital management, overseas listing and income tax characteristics of firms are factors which are variably significantly associated with FID patterns for panel data. Statistically significant associations are achieved for pooled regression results. Control variables comprising firm size, leverage, top 20 shareholder concentration, sub-industry and return on assets are statistically significant predictor variables of financial instrument disclosures. In contrast, overseas stock exchange listing of firms and additional income tax characteristics that are related to financial reporting transparency are found to be significantly negatively associated with FID patterns.Discrete items that comprise FIDI are individually statistically significantly associated with the independent and control variables. Similarly, discrete items that comprise the independent variable scores are individually statistically significant predictor variables of financial instrument disclosures. This thesis contributes to an understanding of the extent, trends and rationale behind resource firms’ financial instrument disclosure practices in Australia. Further, this thesis examines the association of financial instrument disclosures with corporate governance, capital management, overseas listing and income tax characteristics of firms leading up to and immediately following IFRS adoption in Australia.
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Kinuthia, Wanyee. "“Accumulation by Dispossession” by the Global Extractive Industry: The Case of Canada." Thèse, Université d'Ottawa / University of Ottawa, 2013. http://hdl.handle.net/10393/30170.
Full textAbstract:
This thesis draws on David Harvey’s concept of “accumulation by dispossession” and an international political economy (IPE) approach centred on the institutional arrangements and power structures that privilege certain actors and values, in order to critique current capitalist practices of primitive accumulation by the global corporate extractive industry. The thesis examines how accumulation by dispossession by the global extractive industry is facilitated by the “free entry” or “free mining” principle. It does so by focusing on Canada as a leader in the global extractive industry and the spread of this country’s mining laws to other countries – in other words, the transnationalisation of norms in the global extractive industry – so as to maintain a consistent and familiar operating environment for Canadian extractive companies. The transnationalisation of norms is further promoted by key international institutions such as the World Bank, which is also the world’s largest development lender and also plays a key role in shaping the regulations that govern natural resource extraction. The thesis briefly investigates some Canadian examples of resource extraction projects, in order to demonstrate the weaknesses of Canadian mining laws, particularly the lack of protection of landowners’ rights under the free entry system and the subsequent need for “free, prior and informed consent” (FPIC). The thesis also considers some of the challenges to the adoption and implementation of the right to FPIC. These challenges include embedded institutional structures like the free entry mining system, international political economy (IPE) as shaped by international institutions and powerful corporations, as well as concerns regarding ‘local’ power structures or the legitimacy of representatives of communities affected by extractive projects. The thesis concludes that in order for Canada to be truly recognized as a leader in the global extractive industry, it must establish legal norms domestically to ensure that Canadian mining companies and residents can be held accountable when there is evidence of environmental and/or human rights violations associated with the activities of Canadian mining companies abroad. The thesis also concludes that Canada needs to address underlying structural issues such as the free entry mining system and implement FPIC, in order to curb “accumulation by dispossession” by the extractive industry, both domestically and abroad.
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Jia, Xinting. "Balancing convergence and divergence : governance in the resources sector in China and Australia." Thesis, 2007. https://vuir.vu.edu.au/29778/.
Full text
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Reynolds, Steven T. "Effective Corporate Governance in Not-for-profit Organisations." Thesis, 2014. https://vuir.vu.edu.au/25080/.
Full textAbstract:
This thesis explores corporate governance effectiveness in not-for-profit organisations
by identifying and developing the types of performance indicators used in the not-forprofit
sector. Only by agreement, between all affected parties, on the criteria is one
able to assess corporate governance effectiveness. This thesis contributes not only
analytically but also by the provision of several empirical datasets: they are
contributions from interviews with expert practitioners, action research data available
from an individual board that developed its own performance indicators and a review
of published annual reports. Two main research questions were posed. The first was:
What are the performance indicators of effective Australian not-for-profit corporate
governance? And the second question was: What is the process for determining the
performance indicators of effective Australian not-for-profit corporate governance?
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Trebeck, Katherine. "Democratisation through corporate social responsibility? : the case of miners and indigenous Australians." Phd thesis, 2005. http://hdl.handle.net/1885/151703.
Full text
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Fukofuka, Peni. "The practice of accountability, accounting and everyday resistance." Phd thesis, 2013. http://hdl.handle.net/1885/212011.
Full textAbstract:
My aim in this thesis is to investigate the practice of accountability and accounting in Australian Indigenous corporations. Furthermore, I investigate resistance to control, an issue that is inseparable from accountability and accounting practices. My focus on practice is primarily motivated by one of the most important arguments in some of the essays compiled by Ahrens et al. (2009) in honor of Anthony Hopwood. In a nutshell, the argument is that there is much to unearth about accountability and accounting if efforts are given to reinvigorate current conceptualization of the social context within which accountability and accounting operates. Accordingly, my focus on practice bolsters the current notion of social context and thereby revealing novel insights into accountability, accounting and resistance. The social context is often conceptualized in the literature as specific organizational locales. To enhance that conceptualization, I consider the social context as multifaceted spaces that include the organization but are also beyond the organization. What this means is that accountability and accounting is not only practiced within organizations, they are also simultaneously practiced in the various spaces where the organization is nested. Furthermore, these various other spaces have spatial norms which are expected to influence how accountability and accounting are practiced. Individuals who are involved in accountability and accounting practice are an integral component of the social context and the literature oversimplifies the nature of these individuals by predominantly considering them as organizational members. To enrich the current notion of individuals, I conceptualize them as not only organizational members but as individuals who have memberships in other spaces and who embody the spatial norms of these other spaces. By enriching the social context, I found out how accountability and accounting practice are not only influenced by organizational norms but also by the norms of the society within which the organization is nested. That finding sheds light on accountability issues such as the question of "To whom is one accountable to?", the processes involved in managing multiple accountability relationships and the practical means by which accountability is achieved through accountability mechanisms. By conceptualizing individuals as beings who have memberships in spaces beyond the organization, I found that an individual's accounting work is colored by the norms of these extra-organizational spaces that he/she embodies. The reinvigorating of the social context also enhances understanding of resistance to control. Specifically, the realization that the social context is made up of various spaces gives individuals the means with which to enact resistance in a manner that is not seen as resistance but nevertheless effective. I mobilize Bourdieu's (1977; 1990b) theory of practice, especially his concepts of field, habitus and capital to make sense of the practice of accountability, accounting and enactment of resistance. I also implemented a qualitative field study design. I collected data mostly from Fairwind an Indigenous corporation in a very remote Australian community. To collect data, I did interviews, participant observations, conversations and document reviews.
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Rashid, Kashif. "A comparison of corporate governance and firm performance in developing (Malaysia) and developed (Australia) financial markets." Thesis, 2008. https://vuir.vu.edu.au/1457/.
Full textAbstract:
Issues and Significance: It is widely believed that good corporate governance is an important factor in improving the value of a firm in both developing and developed financial markets. However, the relationship between corporate governance and the value of a firm (the CGVF relationship) differs in developing and developed financial markets due to disparate corporate governance structures in these markets resulting from the dissimilar social, economic and regulatory conditions in these countries. There is a need to understand the differences which affect the value of a firm for academic investigations, financial and management practices and public regulation of markets and corporations. Existing Literature and Limitations: The existing literature on how good corporate governance contributes to improving the value of a firm is not well developed and has several limitations. No single research thus far, has undertaken a comprehensive study of the differences in the relationship between the level of corporate governance sophistication of the firm and its contribution to firm value. In the context of developing markets the relationships between corporate governance and the value of a firm are not defined properly and these relationships are not adequately tested by incorporating the relevant factors affecting them. Furthermore, comparative analyses of the relevance of different management theories (such as agency theory, stewardship theory, etc.) in shedding light on the nature and process of the CGVF relationships in developing and developed markets have not been reported in literature. Therefore, there is a need to redefine and properly analyse CGVF relationships by incorporating the factors relevant for a firm operating in developing and developed financial markets. Objectives of the Study: To help overcome the limitations of the existing literature, this study develops separate models for the CGVF relationships for developed and developing markets keeping in mind the differences between these markets; defines the concept of corporate governance and the value of a firm suitable for developing and developed financial markets; highlights the differences in the process by which corporate governance affects the value of a firm in developing and developed financial markets; and states the implications of different management theories in explaining the differences in CGVF relationships in these markets. Methodology and Data: Two typical financial markets, Australia (developed) and Malaysia (developing) are selected for the present study. The panel data is collected from 2000 to 2003 for Tobin’s Q, price to book value ratio, market capitalisation, gearing ratio, return on total assets, shareholder’s concentration (agency cost), CEO duality, board size, and judicial and regulatory authority efficiency. Multifactor corporate governance and the value of a firm (CGVF) models relevant for developed and developing markets are constructed and econometric analyses are performed to test the relationship between corporate governance instruments and the value of a firm. Incremental tests are also carried out to see the importance of individual variables in the model for developing and developed financial markets. In addition, tests for the complementarities of corporate governance instruments in affecting the value of a firm are also performed. Results and Implications of CGVF Relationships The results of the corporate governance model for developing, developed and crossmarket analysis suggest a positive relationship between corporate governance and the value of a firm. The results on the relationship between the value of a firm and corporate governance mechanism in the developed market suggest a negative relationship between debt and the value of a firm. The result confirms agency theory, as managers do not handle the debt properly. Also, there is a negative relationship between the value of a firm and a larger board, further confirming agency theory. On the contrary, control variables such as market capitalisation and the price to book value ratio have a positive relationship with the value of a firm in this market. The managers are stewards in this case and are inclined to support the interests of the shareholders thereby supporting stewardship theory. Similarly, the results on the relationship between corporate governance and the value of a firm in the developing financial market suggest a negative relationship between shareholder concentration and the value of a firm. The results of this model confirm agency theory where the majority shareholders, as agents, are involved in empire building. Similarly, control variables such as return on total assets, market capitalisation and price to book value ratio have a positive relationship with the value of a firm in the developing financial market. The results support stewardship theory. Finally, the bigger board size has a positive relationship with the value of a firm in the developing financial market. The results on the cross-market analysis show that higher debt and inefficient regulatory authority have a negative relationship with the value of a firm. There is an agency cost involved in handling debt. Furthermore, the inefficient regulatory authority deteriorates the value of a firm supporting agency theory. On the contrary, control variables such as return on total assets and price to book value ratio have a positive relationship with the value of a firm in both developed and developing financial markets, supporting stewardship theory. The incremental regression shows that price to book value ratio is the most significant factor in improving the value of a firm in all the CGVF models. The tests of complementarities in the cross-market analysis suggest that board size improves the marginal benefit of CEO duality. Similarly, the regulatory regime encourages an independent CEO to improve the value of a firm. Finally, the value of a firm in a developing market is a broad concept and also incorporates the social value in addition to the monetary value of a firm. The difference in the results for developing and developed markets is due to the different social, regulatory and corporate governance systems in their financial markets. Due to these variations in the selected financial markets, the process by which the value of a firm is affected is also different. Conclusion: In light of the above findings, the study has highlighted the role of corporate governance in effective utilisation of assets to improve the value of a firm. The role of the board and regulatory authority is important in disciplining the CEO and majority shareholders in the financial markets. A bigger board creates value for shareholders in developing financial markets. On the contrary, a smaller board and less debt create value in developed financial markets. The current study makes an original contribution by suggesting that there is a positive relationship between corporate governance and the value of a firm in both developing and developed markets, although, the nature of this relationship differs due to differences in the characteristics of developing and developed markets. The divergence in the social, economic and organisational aspects of these markets makes the relevance of various organisational and management theories in explaining the CGVF relationships different as well. These insights in explaining the CGVF relationships are useful for academic understanding and business and public policy formulations.
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Rashid, Kashif. "A comparison of corporate governance and firm performance in developing (Malaysia) and developed (Australia) financial markets." 2008. http://eprints.vu.edu.au/1457/1/rashid.pdf.
Full textAbstract:
Issues and Significance: It is widely believed that good corporate governance is an important factor in improving the value of a firm in both developing and developed financial markets. However, the relationship between corporate governance and the value of a firm (the CGVF relationship) differs in developing and developed financial markets due to disparate corporate governance structures in these markets resulting from the dissimilar social, economic and regulatory conditions in these countries. There is a need to understand the differences which affect the value of a firm for academic investigations, financial and management practices and public regulation of markets and corporations. Existing Literature and Limitations: The existing literature on how good corporate governance contributes to improving the value of a firm is not well developed and has several limitations. No single research thus far, has undertaken a comprehensive study of the differences in the relationship between the level of corporate governance sophistication of the firm and its contribution to firm value. In the context of developing markets the relationships between corporate governance and the value of a firm are not defined properly and these relationships are not adequately tested by incorporating the relevant factors affecting them. Furthermore, comparative analyses of the relevance of different management theories (such as agency theory, stewardship theory, etc.) in shedding light on the nature and process of the CGVF relationships in developing and developed markets have not been reported in literature. Therefore, there is a need to redefine and properly analyse CGVF relationships by incorporating the factors relevant for a firm operating in developing and developed financial markets. Objectives of the Study: To help overcome the limitations of the existing literature, this study develops separate models for the CGVF relationships for developed and developing markets keeping in mind the differences between these markets; defines the concept of corporate governance and the value of a firm suitable for developing and developed financial markets; highlights the differences in the process by which corporate governance affects the value of a firm in developing and developed financial markets; and states the implications of different management theories in explaining the differences in CGVF relationships in these markets. Methodology and Data: Two typical financial markets, Australia (developed) and Malaysia (developing) are selected for the present study. The panel data is collected from 2000 to 2003 for Tobin’s Q, price to book value ratio, market capitalisation, gearing ratio, return on total assets, shareholder’s concentration (agency cost), CEO duality, board size, and judicial and regulatory authority efficiency. Multifactor corporate governance and the value of a firm (CGVF) models relevant for developed and developing markets are constructed and econometric analyses are performed to test the relationship between corporate governance instruments and the value of a firm. Incremental tests are also carried out to see the importance of individual variables in the model for developing and developed financial markets. In addition, tests for the complementarities of corporate governance instruments in affecting the value of a firm are also performed. Results and Implications of CGVF Relationships The results of the corporate governance model for developing, developed and crossmarket analysis suggest a positive relationship between corporate governance and the value of a firm. The results on the relationship between the value of a firm and corporate governance mechanism in the developed market suggest a negative relationship between debt and the value of a firm. The result confirms agency theory, as managers do not handle the debt properly. Also, there is a negative relationship between the value of a firm and a larger board, further confirming agency theory. On the contrary, control variables such as market capitalisation and the price to book value ratio have a positive relationship with the value of a firm in this market. The managers are stewards in this case and are inclined to support the interests of the shareholders thereby supporting stewardship theory. Similarly, the results on the relationship between corporate governance and the value of a firm in the developing financial market suggest a negative relationship between shareholder concentration and the value of a firm. The results of this model confirm agency theory where the majority shareholders, as agents, are involved in empire building. Similarly, control variables such as return on total assets, market capitalisation and price to book value ratio have a positive relationship with the value of a firm in the developing financial market. The results support stewardship theory. Finally, the bigger board size has a positive relationship with the value of a firm in the developing financial market. The results on the cross-market analysis show that higher debt and inefficient regulatory authority have a negative relationship with the value of a firm. There is an agency cost involved in handling debt. Furthermore, the inefficient regulatory authority deteriorates the value of a firm supporting agency theory. On the contrary, control variables such as return on total assets and price to book value ratio have a positive relationship with the value of a firm in both developed and developing financial markets, supporting stewardship theory. The incremental regression shows that price to book value ratio is the most significant factor in improving the value of a firm in all the CGVF models. The tests of complementarities in the cross-market analysis suggest that board size improves the marginal benefit of CEO duality. Similarly, the regulatory regime encourages an independent CEO to improve the value of a firm. Finally, the value of a firm in a developing market is a broad concept and also incorporates the social value in addition to the monetary value of a firm. The difference in the results for developing and developed markets is due to the different social, regulatory and corporate governance systems in their financial markets. Due to these variations in the selected financial markets, the process by which the value of a firm is affected is also different. Conclusion: In light of the above findings, the study has highlighted the role of corporate governance in effective utilisation of assets to improve the value of a firm. The role of the board and regulatory authority is important in disciplining the CEO and majority shareholders in the financial markets. A bigger board creates value for shareholders in developing financial markets. On the contrary, a smaller board and less debt create value in developed financial markets. The current study makes an original contribution by suggesting that there is a positive relationship between corporate governance and the value of a firm in both developing and developed markets, although, the nature of this relationship differs due to differences in the characteristics of developing and developed markets. The divergence in the social, economic and organisational aspects of these markets makes the relevance of various organisational and management theories in explaining the CGVF relationships different as well. These insights in explaining the CGVF relationships are useful for academic understanding and business and public policy formulations.
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Gonzalez, Victoria Elizabeth. "The Implementation of Basel III in an Australian Bank: Some Corporate Governance Implications." Thesis, 2016. https://vuir.vu.edu.au/32220/.
Full textAbstract:
The uncertainty in financial markets due to the global financial crisis highlights the
importance of proper prudential and regulatory practices in commercial banks, and the
economic and social costs that can be incurred if risk is not adequately identified and
managed. To manage risk, the global community is adopting the third generation of
liquidity and capital requirements developed by the Basel Committee on Banking (the
Basel III standards). There is no published study focusing on the implementation of
Basel III in the Australian banking system. To fill this gap, this study develops a bank
asset and liability management model using goal programming for one large Australian
bank, to examine the implications of a progressive move to Basel III on key financial
variables – net interest income (NII), return on equity (ROE) and return on assets
(ROA) – to undertake a preliminary stress testing analysis of the bank after Basel III
and to consider some of the governance and policy response issues involved. The
`modelling is used to investigate the impact of progressively moving to Basel III from a
Basel II base case, assuming that the bank maintains current balance sheet trends,
practices and corporate governance settings out to 2019.
The bank asset and liability goal programming model was also used to examine the
implications of two stress scenarios: the first involves an increase of 5% in net cash
outflow (NCO) and a decrease in interest income of 5%, and the second involves an
increase of 10% in net cash outflow and a decrease in interest income of 10%. Finally,
this thesis examines possible policy responses available to the banks, guided by
corporate governance, to offset some of the effects of implementing the Basel III
requirements.
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Li, Yongqiang. "Governance, Regulation and Performance of Non-listed Small Corporations in Australia: a Structural Equation Modelling Approach." Thesis, 2014. https://vuir.vu.edu.au/25854/.
Full textAbstract:
Small corporations are the backbone of the Australian economy. Various studies have
explored corporate governance as it applies to larger organisations. Few studies, however,
have examined how corporate governance relates to small corporations. The “one size fits all
model” adopted by most of the corporations’ law frameworks and the “comply or explain”
mentality places a significant amount of unnecessary and disproportionate compliance burden
on small businesses. Worse still, non-listed small corporations are losers of the “corporate
governance reform competition”, given their resource constraints.
There is a dearth of evidence on the relationship between governance, regulation and
performance of non-listed small corporations. Only in recent years have researchers in the
field started to explore the governance issues facing small corporations in North America and
Europe. Existing empirical studies have mainly focused on isolated governance mechanisms,
while the interaction between different governance mechanisms has been ignored.
This project intends to address these gaps by applying systematic review, meta-analysis, Path
Analysis (PA) and Structural Equation Modelling (SEM). The systematic review identifies
relevant theories on the governance and regulation of small corporations. Grounded in these
theories, meta-analyses have been applied to synthesize existing empirical evidence in view
to developing a conceptual framework. A structured online questionnaire was employed to
collect data, yielding 387 responses. Multiple indicators were adopted to measure five latent
constructs such as governance, regulation, financial performance, social performance and
sustainable performance. PA estimated the direct and indirect effects of governance
mechanism on performance. SEM was introduced to confirm the hypothesized relationships,
controlling variables such as firm age, size, and development stage. The results revealed (1) the measurement models for four latent constructs including
corporate governance, government regulation, financial performance and CSR; (2) the impact
of individual governance mechanisms on performance; (3) governance as a bundle has
negative impacts on both financial performance and CSR; (4) regulation has a positive impact
on financial performance and CSR. Policy recommendations were developed based on the
empirical evidence established from this study.
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Kleynhans, Stefan Anton. "The corporate opportunity rule: a comparative study." Diss., 2016. http://hdl.handle.net/10500/22604.
Full textAbstract:
Company directors, being human, may be tempted to promote their own interests rather than those of the companies on whose boards they serve. Directors are subject to a number of legal duties.
A director has a fiduciary duty to act in good faith and in the best interests of the company. A number of other duties flow from this duty such as the duty to avoid a conflict of interests. The duty of a director not to appropriate a corporate opportunity belonging to the company of which he or she is a director, also flows from the duty to avoid a conflict of interests.
The common-law duties of directors which have their origins in English law, have developed over a number of years. Because of the difficulty that directors had in establishing what their duties were, a number of jurisdictions embarked on a process of codifying or partially codifying these duties. South Africa, Australia and England are three countries that have promulgated legislation which has resulted in the codification or partial codification of directors’ duties. The purpose of the codification or partial codification of directors’ duties was firstly to clarify the duties of directors, and secondly to make the duties more accessible to those affected by them – the directors of companies.
In South Africa the Companies Act 71 of 2008 has partially codified the duties of directors. Because directors’ duties have only been partially codified there is uncertainty regarding their scope. This dissertation will focus on the possible effect of the 2008 Companies Act on the duty of a director not to take a corporate opportunity falling to the company.
In this dissertation I address two issues involving the effect of the 2008 Companies Act on the duty of a director not to appropriate a corporate opportunity belonging to the company. Firstly, I consider whether the partially codified directors’ duties are wide enough to cover issues involving the appropriation of corporate opportunities. Secondly, I consider the appropriate common-law test or tests to be applied in determining whether, in the specific circumstances, an opportunity should be classified as a corporate opportunity.
In considering whether the partially codified duties of directors are wide enough to include the corporate-opportunity rule, I compare the approach to corporate opportunities and the corporate-opportunity rule in South Africa, Australia and England.Mercantile Law
LL.M. (Corporation Law)
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De, Silva Lokuwaduge Chitra. "Governance and performance: an empirical study of Australian universities." Thesis, 2011. https://vuir.vu.edu.au/19377/.
Full textAbstract:
Governance structures have become one of the most debated aspects of the public sector and during the last decade good corporate governance practices have come to be regarded as important in enhancing the performance of all government- funded institutions. The purpose of this study was to examine the relationship between governance structures, practices and the performance of the university sector in Australia. During the period investigated in this study, the universities were undergoing significant governance reforms.
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Adhariani, Desi. "Financial Management, Corporate Governance and Risk Management: A Feminist Perspective Using an Optimisation Approach." Thesis, 2015. https://vuir.vu.edu.au/34682/.
Full textAbstract:
In recent years, the issue of effective corporate governance has attracted much attention, especially to promote an ethical business environment to ensure corporate accountability and integrity. In the academic sphere, the mainstream research on corporate governance and ethics has been performed using various ethics theories based on the premise of conflict of interest. This thesis uses a feminist perspective to analyse the corporate governance practices at BHP Billiton using the lens of the feminist ethics of care, as well as projecting the financial condition of the company using the same principles.
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Smith, June. "Professionalism and ethics in financial planning." Thesis, 2009. https://vuir.vu.edu.au/15535/.
Full textAbstract:
Financial planning advice is becoming increasingly relevant to the economic objectives of Australians. However, the evidence suggests there are numerous ethical risks related to the provision of that advice and other factors that may be influencing the ethical decision making of financial planners and compliance officers in their respective roles.
The purpose of this study was to enhance understanding of the ethical decision making of these financial planning participants within this context. This study is therefore a significant one in what is a relatively under-researched area of interest.
The study’s purpose was converted into seven research questions, two of which concerned the primary types of unethical conduct occurring in the provision of financial advice and respondent perceptions of the current ethical issues they face in their respective roles within financial services organisations. Nine hypotheses were linked to the other research questions to measure whether there were statistically significant relationships between different constructs, and to test respondent perceptions of the ethical climate and culture of their organisation.