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1
Backhouse, Kim, and Mark Wickham. "Corporate governance, boards of directors and corporate social responsibility: The Australian context." Corporate Ownership and Control 17, no. 4 (2020): 60–71. http://dx.doi.org/10.22495/cocv17i4art5.
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The challenge of corporate governance in Australian corporations is similar to those faced by the majority of corporations operating globally albeit the manner in which corporate governance is structured in Australia represents a strong reflection of the island continent’s people, egalitarian culture, and legislative framework. This article considers the legal framework in which Australian corporations operate within, which includes a discussion of corporate governance principles, the role of directors and ownership structures of companies in Australia. Australian board of director practices are discussed in detailed and this article outlines how these practices are heavily influenced by the Australian Commonwealth Corporations Law (which sets out mandatory legal requirements that all Australian companies must adhere to). The article continues to explore briefly directors’ remuneration practices, recent shareholder’s rights protection and activism, the importance of corporate governance and the link to firm performance, and finally the importance of corporate social responsibility in the Australian context.
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Rix, Mark. "The new Australian system of corporate governance: Board governance and company performance in a changing corporate governance environment." Corporate Law and Governance Review 1, no. 2 (2019): 29–41. http://dx.doi.org/10.22495/clgrv1i2p3.
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This paper investigates the changing duties and responsibilities of boards and directors of Australian public companies. The corporate governance environment in Australia is currently going through a period of significant transformation raising the question of whether in this fluid and shifting environment company and board performance can still be assessed largely on the basis of profit, share price and dividends generated over the short term. These almost certainly will continue for some time to be the key metrics of company and board performance and it is hard to see how it could be otherwise. Nevertheless, a growing chorus of influential stakeholders is calling for the introduction of a more balanced and comprehensive suite of performance indicators that better reflect the realities of corporate governance early in the Twenty-first Century. The paper examines how these stakeholders are reshaping corporate governance in Australia and also calling for a reconsideration of the way in which performance is assessed.
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Looi, Jeffrey CL, Stephen Allison, and Tarun Bastiampillai. "Commonwealth of common mental health: the need for a comprehensive overhaul of corporate governance in mental healthcare in Australia." Australasian Psychiatry 28, no. 3 (December 23, 2019): 300–302. http://dx.doi.org/10.1177/1039856219891657.
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Objective: We aim to spark renewed discussion of the need for a more effective corporate governance structure for mental health services in Australia. While acknowledging clinical governance faces challenges, we focus here on corporate governance as the overarching level of administration, which profoundly influences delivery of mental healthcare in Australia. Conclusion: Australia’s mental health services are ineffectively governed. Improved corporate governance, including psychiatric expertise, is fundamental to create a comprehensive, effective mental healthcare system in Australia.
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Gilligan, George Peter. "SOX as a window on transference of corporate governance norms across jurisdictions." Northern Ireland Legal Quarterly 60, no. 4 (March 13, 2020): 403–19. http://dx.doi.org/10.53386/nilq.v60i4.497.
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This paper considers the issue of the transference of norms across jurisdictions in corporate governance contexts through the lens of an Australian case study. The paper focuses on the impacts of the United States of America (US) legislation the Sarbanes-Oxley Act 2002 (SOX) from an Australian perspective. The paper draws on a series of semi-structured interviews (n=14), with senior personnel of: accounting firms; business organisations; consumers; financial exchanges; government; institutional investors; investment banks; law firms; private investors; professional associations; and regulators. The findings from the study are that key stakeholders in Australia have taken notice of SOX and its effects in the US, but that the influence of SOX in specifically Australian contexts has been limited. The general perception in Australia seems to be that SOX has had some flaws in its inception and in its subsequent delivery in the US, but also that it has produced some positive outcomes. However, domestic factors and influences are overwhelmingly more important in shaping how financial regulation and corporate governance evolve in Australia. Therefore, it seems that SOX does not signify in any substantive way a regulatory hegemony emanating from the US that determines financial market regulation or the evolution of corporate governance in Australia.
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Baird, Jeanette. "University Governance for the Longer-Term." International Journal of Chinese Education 4, no. 1 (August 19, 2015): 105–27. http://dx.doi.org/10.1163/22125868-12340047.
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Corporate governance models are becoming more prevalent in many universities, despite concerns over the effects of corporate practices on the identity of universities as a unique institutional field. In Westminster university systems, governance practices have become highly professionalized along corporate lines, not least to ensure a good fit with the necessary regulatory regimes for a marketized university system. Examples of Australian practices are provided to illustrate the governance dynamics, as both Western and Chinese corporate governance practices will affect the culture of Chinese universities, despite the continuance of deeply-inscribed State influence. Professionalization of governance in Australia has brought benefits but also generated some ‘blind spots’ to sustaining the longer-term features of successful universities. Stronger academic governance could provide a counterweight, yet the relationship between corporate governance and academic governance is not yet as well-defined as it needs to become.
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Whiting, Rosalind H., and Georgia Y. Birch. "Corporate governance and intellectual capital disclosure." Corporate Ownership and Control 13, no. 2 (2016): 250–61. http://dx.doi.org/10.22495/cocv13i2c1p6.
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This study examines whether facets of corporate governance (board size, proportion of independent directors on the board, board committees, and Big 4 auditor) promote the voluntary disclosure of intellectual capital in annual reports in Australia and New Zealand and whether this is country dependent. Data was collected from OSIRIS and annual reports with disclosure detected through a rigorous electronic word search approach. Statistical testing with OLS regression followed. The presence of nomination committees and a majority of independent directors on the board were found to be significant positive predictors of intellectual capital disclosure in both countries, and larger board sizes in Australian companies enhanced intellectual capital disclosure. These results concur with resource dependency and stakeholder theoretical arguments.
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Tomasic, Roman, and Ping Xiong. "Mapping the Legal Landscape: Chinese State-Owned Companies in Australia." Victoria University of Wellington Law Review 48, no. 2 (October 2, 2017): 323. http://dx.doi.org/10.26686/vuwlr.v48i2.4737.
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Australia has always relied heavily upon foreign sources of investment and financing and has in the past tended to draw mainly upon British, American and Japanese investment. In recent decades, Chinese state-owned enterprises (SOEs) have played an increasingly important role in the Australian economy with a rising level of investment taking place. Chinese SOEs have been more heavily involved in investments into larger Australian investment projects, such as in mining and infrastructure. Australia has seen an increase in the number of Chinese state-owned companies acquiring substantial domestic assets; this may continue following the ratification of the China-Australia Free Trade Agreement in 2015. Although Chinese SOEs operating in foreign countries such as Australia are required to comply with local corporate governance laws and principles, they also retain their unique Chinese corporate governance values and culture which they have inherited through their parent companies and from China itself. In Australia, there has been an ongoing debate over Chinese investment, with the business community being particularly supportive of such investment. Driven largely by the business community, this debate has been relatively narrow and has not explored the likely impact of Chinese SOEs and their subsidiaries upon the shape of corporate governance in countries in which they invest. This article seeks to examine the legal contours of Chinese-controlled investment in Australia with a view to acquiring a more informed understanding of the impact of Chinese SOEs upon the Australian legal landscape.
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Christensen, Jacqueline, Pamela Kent, and Jenny Stewart. "Corporate Governance and Company Performance in Australia." Australian Accounting Review 20, no. 4 (November 18, 2010): 372–86. http://dx.doi.org/10.1111/j.1835-2561.2010.00108.x.
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Miglani, Seema, Kamran Ahmed, and Darren Henry. "Corporate governance and turnaround: Evidence from Australia." Australian Journal of Management 45, no. 4 (February 14, 2020): 549–78. http://dx.doi.org/10.1177/0312896220902225.
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We examine the relationship between ownership and outside director attributes and corporate turnaround outcomes using matched samples of 99 turnaround and 99 non-turnaround listed Australian firms during the 2004–2015 period. Based on agency theory principles, we propose that key shareholder groups (block ownership, director ownership, institutional ownership) and outside directors are related to firm-level turnaround outcomes, and particularly changes in these attributes across decline to turnaround periods. Our results provide evidence that turnaround and non-turnaround firms differ in terms of their ownership and board composition structures, and that changes in director ownership and the degree of board independence are important in determining the likelihood of turnaround success. JEL Classification: G33, G34, M40
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Choy Flannigan, Alison, and Prue Power. "Health Care Governance: Introduction." Australian Health Review 32, no. 1 (2008): 7. http://dx.doi.org/10.1071/ah080007.
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IN RECOGNITION OF the importance and the complexity of governance within the Australian health care sector, the Australian Healthcare and Hospitals Association has established a regular governance section in Australian Health Review. The aim of this new section is to provide relevant and up-to-date information on governance to assist those working at senior leadership and management levels in the industry. We plan to include perspectives on governance of interest to government Ministers and senior executives, chief executives, members of boards and advisory bodies, senior managers and senior clinicians. This section is produced with the assistance of Ebsworth & Ebsworth lawyers, who are pleased to team with the Australian Healthcare and Hospitals Association in this important area. We expect that further articles in this section will cover topics such as: � Principles of good corporate governance � Corporate governance structures in the public health sector in Australia � Legal responsibilities of public health managers � Governance and occupational health and safety � Financial governance and probity. We would be pleased to hear your suggestions for future governance topics.
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Yarram, Subba Reddy. "Corporate governance ratings and the dividend payout decisions of Australian corporate firms." International Journal of Managerial Finance 11, no. 2 (April 7, 2015): 162–78. http://dx.doi.org/10.1108/ijmf-01-2013-0012.
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Purpose – The purpose of this paper is to examine the influence of corporate governance on the dividend payout decisions of Australian firms by considering two related objectives. First, it considers the role of corporate governance ratings (CGRs) on the decision to pay or not to pay dividends. Second, it considers the influence of CGRs on the average dividend payout level of Australian firms. Design/methodology/approach – The sample consists of 413 non-financial firms included in the All Ordinaries Index for the period 2004-2009. A logit model is employed to analyse the decision to pay or omit dividends. Similarly, tobit method is employed to analyse the factors influencing the dividend payout level of Australian firms. To control for unobserved heterogeneity, this study employs random effects panel logit and panel tobit models. Findings – This study finds that CGRs have a significant positive influence on the decision to pay dividends and on the average dividend payout level of Australian firms. Similarly, the present study finds support for signalling hypothesis as profitability has a significant positive influence and a loss dummy has a significant negative influence on the dividend payout decisions of Australian firms. The study also finds support for the life cycle hypothesis as growth opportunities have a significant negative impact on the average dividend payout level of Australian firms. This study finds no conclusive evidence of the existence of dividend tax clientele in Australia. Research limitations/implications – Dividends provide a complementary governance role consistent with the “outcomes model” of the agency cost theory as proposed by La Port et al. (2000). Practical implications – The findings have implications for corporate governance policies. Principle-based governance mechanisms work as well as the rule-based governance mechanisms in an environment characterized by high levels of investor protection and well-developed stock markets. Companies that are well governed may limit the opportunities for managers to expropriate shareholders and thus governance may reduce the contracting costs associated with compensation policies. Originality/value – This is the first study that examines the influence of governance on dividend policy using the CGRs developed by the WHK Horwath/University of Newcastle. Findings are robust and account for unobserved heterogeneity as random effects panel models are employed.
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Yarram, Subba Reddy, and Brian Dollery. "Corporate governance and financial policies." Managerial Finance 41, no. 3 (March 9, 2015): 267–85. http://dx.doi.org/10.1108/mf-03-2014-0086.
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Purpose – The purpose of this paper is to examine the influence of board structure on dividend policy of Australian corporate firms. It also considers the traditional explanations of corporate dividend choice, such as agency cost theory, signalling hypothesis, the life cycle hypothesis along with tax-based explanations of dividend policy. Design/methodology/approach – The final sample consists of 413 non-financial firms that are part of the All Ordinaries Index. The causal analysis was undertaken in three stages. In the first stage, the authors analyse the likelihood of paying dividends. And classify all firms as either dividend payers or non-payers. The authors then model this binary variable as a function of different sets of variables. In the second stage, the authors analyse the factors determining the magnitude of dividend payout by those firms that have paid a dividend. In contrast, stage three employs all firms – those which did not pay any dividend and those firms which paid a dividend. Findings – For the study period 2004-2009, this study finds that board independence has a significant positive influence on the dividend payout of Australian firms. This finding is consistent with the “outcome” model of La Porta et al. (2000). This study also finds that size has a significant positive influence on the dividend payout of Australian firms thus providing support for the agency cost view of dividend policy. Similarly, this study also finds support for the signalling hypothesis and the life cycle theory given the significant positive influence of profitability and the significant negative influence of current losses and growth opportunities on the dividend policy of Australian firms. Research limitations/implications – The findings of the study are robust with to alternative measures of variables employed and are not influenced by the global financial crisis. However, this study did not consider the possible endogenous and multiple relationships between dividends, debt, profitability, cash holdings and governance structures given the limited study period considered. Practical implications – This study finds that board independence has a significant positive influence on the dividend behaviour of Australian firms. This suggests that dividends and independent directors play complementary governance roles. While dividends provide the monitoring and disciplinary roles, independent directors act as catalysts for enhancing effective board functioning. These findings have implications for corporate governance policies and the payout policies. Originality/value – Though the governance role of dividends has long been recognized in the literature (Easterbrook, 1984; Jensen, 1986), very few studies analyse the influence of board characteristics on the decision to pay dividends in Australia. Given the distinct Australian setting where the tax imputation system allows companies to pay franked dividends to domestic investors, this study provides evidence on the interaction of corporate and dividend policies. This study finds that dividend polices are influenced by percentage franking of dividends. This study also finds that board independence has a significant positive influence on the dividend policy of Australian firms.
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Backhouse, Kim, and Mark Wickham. "Exploring the link between corporate governance and innovative capacity in the Australian superannuation industry." Corporate Ownership and Control 14, no. 4 (2017): 32–40. http://dx.doi.org/10.22495/cocv14i4art3.
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In a large-scale single industry case study, insights are provided into corporate governance factors affecting innovative capacity in the superannuation industry in Australia. Analysis of the data indicated that the major corporate governance factors driving innovation in the industry included: ‘possessing a progressive organisational culture’, ‘emphasis on marketing-orientation’, and ‘engaging in co-opetition’. Similarly, the data indicated that the major corporate governance factors inhibiting innovation included: ‘possessing a conservative/risk-averse organisational culture’, ‘unwillingness to deviate from a strict interpretation of regulation’, ‘emphasis on a profit-orientation’, and ‘the absence of any formalised innovation processes within the firm’. These findings are used to develop a ‘theory of innovation’ link between corporate governance approaches and innovative capacity in the Australian superannuation industry. Although this study is limited in its scope, it does represent an initial exploration of the critical relationship that exists between Board-level functions and the ability of a superannuation firm to innovate in the Australian context.
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Appuhami, Ranjith, and Mohammed Bhuyan. "Examining the influence of corporate governance on intellectual capital efficiency." Managerial Auditing Journal 30, no. 4/5 (May 5, 2015): 347–72. http://dx.doi.org/10.1108/maj-04-2014-1022.
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Purpose – The purpose of this paper is to examine the influence of corporate governance on intellectual capital (IC) in top service firms in Australia. Design/methodology/approach – Drawing on the agency theory, the paper develops hypotheses about relationships between corporate governance mechanisms (chief executive officer [CEO] duality, board size, board composition and subcommittee composition) and IC. The study uses a multiple regression analysis on data collected from corporate annual reports of 300 firm-year observations. Findings – The findings of the regression analysis indicate that CEO duality, board composition and remuneration committee composition are significantly associated with IC. In contrast, there is no evidence that board size and audit committee composition have an effect on IC. The study contributes to agency theory in general and the literature on IC and corporate governance more specifically. Practical implications – The findings of the study might be of interest to regulators, investment analysts, shareholders, company directors and managers in Australia, as well as academics, in designing corporate governance mechanisms to develop IC. Originality/value – Corporate governance is country-specific and, hence, its impact on managerial decisions leading to IC is different from country to country. This study provides empirical evidence on the relationship between corporate governance and IC in top service firms in Australia.
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Thomson, Dianne, and Ameeta Jain. "Corporate Governance Failure And Its Impact On National Australia Banks Performance." Journal of Business Case Studies (JBCS) 2, no. 1 (January 1, 2006): 41–56. http://dx.doi.org/10.19030/jbcs.v2i1.4879.
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The National Australia Bank (NAB) is the largest financial services institution listed on the Australian stock exchange and is within the 30 most profitable financial services organisation in the world. In January 2004, the bank disclosed to the public that it had identified losses relating to unauthorised trading in foreign currency options amounting to AUD360 million. This foreign exchange debacle was classified as operational risk, the risk of loss resulting from inadequate or failed processes, people, or systems and reiterated the importance of corporate governance for banks. Concurrent issues of National Australia Banks AUD4.1 billion loss on US HomeSide loans in 2001, the degree of strength of their risk management practices and lack of auditor independence, were raised by the US Securities and Exchange Commission in 2004, reinforcing the view that corporate governance had not been given the priority it deserved over a number of years. This paper will assess and critically analyse the impact of corporate governance failure by management and Board of Directors on NABs performance over the years 2001-2005.
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Chaturvedi, Sanjiv, and Pooja Shukla. "INDEPENDENT DIRECTORS: A COMPARATIVE STUDY OF INDIA AND AUSTRALIA." BSSS Journal of Commerce 14, no. 1 (June 30, 2022): 36–43. http://dx.doi.org/10.51767/joc1404.
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The corporate sector plays a very important role in the sustainable growth and development of any economy. Jurisdictions in which corporate are subjected to good governance practices are more prosperous as compared to those having weaker governance. The Board of directors’ independence is considered the cornerstone of corporate governance in any country. Although the concept of independent director emerged in the United States of America as a voluntary measure which was made compulsory there following the management and shareholders agency theory problems commonly referred to as the outsider’s model problems. The giant corporate failures occurring across the various jurisdictions compelled the regulators across the globe to make compulsory provisions regarding the Independent Directors irrespective of the model of corporate governance they were following. Following the initiative taken by the US and UK various other countries also adopted the provision of overhauling and revamping the board structure for ensuring better governance by appointing independent directors. The focus of the present paper is on the study of the regulatory provisions related to the office of the independent director of the two countries i.e., India and Australia belonging to the Asia Pacific region.
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A.O., Henry Bosch. ""Corporate Practices and Conduct": Setting Standards for Corporate Governance in Australia." Corporate Governance: An International Review 1, no. 4 (October 1993): 196. http://dx.doi.org/10.1111/j.1467-8683.1993.tb00039.x.
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Shamsabadi, Hussein Abedi, Byung-Seong Min, and Richard Chung. "Corporate governance and dividend strategy: lessons from Australia." International Journal of Managerial Finance 12, no. 5 (October 10, 2016): 583–610. http://dx.doi.org/10.1108/ijmf-08-2015-0156.
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Clifford, Peter W., and Robert T. Evans. "The State of Corporate Governance Practices in Australia." Corporate Governance: An International Review 4, no. 2 (April 1996): 60–70. http://dx.doi.org/10.1111/j.1467-8683.1996.tb00135.x.
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English, Linda. "Corporate Governance in Australia: Directions for the Future." Australian Accounting Review 6, no. 12 (September 1996): 2. http://dx.doi.org/10.1111/j.1835-2561.1996.tb00009.x.
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Xu, Suichen, Janice How, and Peter Verhoeven. "Corporate governance and private placement issuance in Australia." Accounting & Finance 57, no. 3 (October 20, 2015): 907–33. http://dx.doi.org/10.1111/acfi.12171.
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Tomasic, Roman, and Jenny Jian Rong Fu. "Government-owned companies and corporate governance in Australia and China: beyond fragmented governance." Corporate Ownership and Control 3, no. 4 (2006): 123–31. http://dx.doi.org/10.22495/cocv3i4p10.
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The ownership and control of government owned companies presents a major challenge for the integrity of established corporate law ideas regarding accountability of directors and the independence of government owned companies. Drawing upon experience from China and Australia, the article discusses some of the key corporate governance tensions that have emerged from the corporatization of state owned assets. The attempt to uncritically apply private sector ideas to the corporatisation of state-owned and controlled companies is fraught with difficulties that are discussed in this article. The article also examines attempts to place state owned companies on a sounder conceptual footing through changes to their culture brought about by adopting and embedding guidelines and standards, such as the recent OECD Guidelines on the Corporate Governance of State-owned Enterprises
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Kent, Pamela, Richard Anthony Kent, James Routledge, and Jenny Stewart. "Choice of governance structure and earnings quality." Accounting Research Journal 29, no. 4 (November 7, 2016): 372–90. http://dx.doi.org/10.1108/arj-06-2014-0056.
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Purpose The purpose of this paper is to examine the effectiveness of voluntary governance mechanisms in Australia. Design/methodology/approach This study identifies similar choices of corporate governance by Australian firms and tests the effectiveness of the choices made based on the earnings quality of reported firms. Cluster analysis is conducted using governance best practice variables, firm size and an earnings quality variable. Findings This paper’s results support the voluntary governance approach for smaller firms, but suggest that mandatory governance requirements could be beneficial for larger firms. Evidence suggests that a benefit accrues for larger firms with the adoption of governance best practice. Cluster analysis indicates that larger firms tend to exhibit higher levels of adoption of governance best practice than smaller firms. Originality/value This paper adds to the literature by providing important information regarding the suitability of adoption of voluntary governance mechanisms in Australia.
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Seamer, Michael, and Adrian Melia. "Remunerating non-executive directors with stock options: who is ignoring the regulator?" Accounting Research Journal 28, no. 3 (November 2, 2015): 251–67. http://dx.doi.org/10.1108/arj-12-2013-0092.
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Purpose – This paper aims to investigate the incidence of remunerating Australian Securities Exchange (ASX)-listed non-executive directors (NEDs) with options and to determine whether companies that fail to adhere to NED remuneration recommendations share a common corporate governance profile. Despite corporate regulators condemning the practice of remunerating NEDs with stock options, there is a paucity of evidence regarding its prevalence in Australia. Design/methodology/approach – Focusing on ASX400 companies during 2008, a series of hypotheses relating NED stock option remuneration and corporate governance are tested using logistic regression. Findings – The study shows that the prevalence and quantum of NED option payments during 2008 was considerable with 73 of the ASX400 companies, including options in NED remuneration (option payers). Comparison of the corporate governance characteristics of option payers to that of a matched control group (non-option payers) highlighted both the existence and independence of the remuneration committee as critical in ensuring NED remuneration practices comply with regulator recommendations. Research limitations/implications – These results provide regulators and stakeholder groups with additional evidence to continue to call for corporate governance reforms to ensure that corporate remuneration practices are in the best interest of shareholders. Originality/value – This study is the first to highlight the extent to which Australian-listed company NED remuneration practices fail to comply with regulator recommendations and adds to the limited research on remuneration committee effectiveness.
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Louie, Judy, Kamran Ahmed, and Xu-Dong Ji. "Voluntary disclosures practices of family firms in Australia." Accounting Research Journal 32, no. 2 (July 1, 2019): 273–94. http://dx.doi.org/10.1108/arj-04-2016-0042.
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Purpose This paper aims to examine the voluntary disclosure practices of family and non-family listed firms and whether family firms have improved their disclosure practices following the introduction of the Principles of Good Corporate Governance and Best Practice Recommendations in 2003 in Australia. Design/methodology/approach Voluntary disclosures are measured by constructing an index specifically for this study. Such indexes consist of corporate governance disclosure, strategic disclosure and future disclosures. They are then regressed on firm-specific variables while controlling for family and non-family firms. A total of 60 family firms and 60 non-family firms in Australia are randomly chosen from 2001 to 2006 for examining their disclosure practices. Findings The research findings show that family firms disclose information voluntarily to signal to the market regarding their growth potentials and abide by government regulations to improve their reputation. Despite the fact that compliance with the Principles of Good Corporate Governance and Best Practice Recommendations was not compulsory, this paper finds that the recommendation encouraged family and non-family firms to disclose more corporate governance information. Practical implications The findings from this research will help investors and regulators make more strategic decisions on investments and regulations respectively in family firms. Originality/value There has been limited empirical evidence on the disclosure practices and their determinants of family firms in Australia. The study will thus significantly contribute to the current knowledge in this regard.
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Otman, Khaled. "Corporate governance: A review of the fundamental practices worldwide." Corporate Law and Governance Review 3, no. 2 (January 6, 2022): 53–66. http://dx.doi.org/10.22495/clgrv3i2p5.
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This paper focused on the concept of corporate governance based on shareholders’ and stakeholders’ perspectives and the development of corporate governance around the world, including the UK, the US, and Australia. The OECD Principles of Corporate Governance were presented, including shareholders’ rights, the equitable treatment of shareholders, disclosure and stakeholders’ rights and transparency practices, and the responsibilities of board of directors. Numerous corporate collapses have highlighted the call for the management and directors of companies to be more accountable, and they have led governments and international organisations such as the OECD to be more active in establishing principles of corporate governance. It was concluded that the system of corporate governance has increased in different countries in relation to the nature of the economy, legal systems, and cultural norms
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Reddy Yarram, Subba. "Factors influencing on-market share repurchase decisions in Australia." Studies in Economics and Finance 31, no. 3 (July 29, 2014): 255–71. http://dx.doi.org/10.1108/sef-02-2013-0021.
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Purpose – The purpose of this study is to examine factors influencing decisions to repurchase shares on-market in Australia. The present study also examines the role of board size, board independence and chief executive officer duality on the decision to repurchase shares on-market by Australian firms. Design/methodology/approach – This study blends the traditional motivations of share repurchases with the influences of governance. The sample consists of all non-financial firms included in the Australian All Ordinaries Index (AOI) for the period 2004-2010. The repurchase sample consists of 104 repurchases undertaken by 62 firms. A probit panel model is used to analyse the decision to repurchase shares on the market. To account for unobserved heterogeneity, random effects panel models are also used. Findings – Analyses of a sample of non-financial firms included in the AOI for the period 2004-2010 show that size is significantly positively correlated with the decision to repurchase shares, thus supporting the agency cost. Findings also support the undervaluation and signalling hypotheses. Similarly, there is evidence in support of the view that firms repurchase shares to reach their target optimal capital structure. The present study also finds a significant positive association between board independence and the decision to repurchase shares in Australia. Research limitations/implications – On-market share repurchases help firms to signal their future growth opportunities and resolve agency conflicts. Signals from repurchases also help markets discover the true fundamental values of firms. Governance plays an important role in improving the effectiveness of on-market share repurchases, as independent directors provide both monitoring and discipline which helps to ensure that firms have valid motivations in undertaking share repurchases. Practical implications – These findings have implications for capital restructuring and governance policies. Principle-based governance frameworks that prevail in countries like Australia work as well as rule-based governance. Originality/value – This study highlights the complementary roles that financial policies and corporate boards play in corporate governance. Independent boards ensure that firms pursue appropriate financial policies that help resolve agency conflicts and information asymmetry problems.
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Riaz, Zahid, Pradeep Ray, and Sangeeta Ray. "The impact of digitalisation on corporate governance in Australia." Journal of Business Research 152 (November 2022): 410–24. http://dx.doi.org/10.1016/j.jbusres.2022.07.006.
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Carson, Elizabeth. "Corporate Governance Disclosure in Australia: the State of Play." Australian Accounting Review 6, no. 12 (September 1996): 3–10. http://dx.doi.org/10.1111/j.1835-2561.1996.tb00010.x.
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Baxter, Peter. "Corporate governance ratings and financial performance: evidence from Australia." International Journal of Corporate Governance 5, no. 3/4 (2014): 178. http://dx.doi.org/10.1504/ijcg.2014.064723.
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Lange, Helen, Ian Ramsay, and Li-Anne Woo. "Corporate Governance and Anti-Takeover Devices: evidence from Australia." Corporate Governance 8, no. 3 (July 2000): 227–43. http://dx.doi.org/10.1111/1467-8683.00201.
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Mees, Bernard, and Sherene A. Smith. "Corporate Governance Reform in Australia: A New Institutional Approach." British Journal of Management 30, no. 1 (January 2019): 75–89. http://dx.doi.org/10.1111/1467-8551.12298.
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Bett, Benaihia Kiptoo, and Allan Kihara. "Monitoring and Evaluation for Education and Accountability in Edmund Rice Foundation Australia Nairobi County." Journal of Business and Strategic Management 7, no. 4 (October 27, 2022): 43–69. http://dx.doi.org/10.47941/jbsm.1090.
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Purpose: This study examined the relationship between corporate governance attributes and performance of state-owned enterprises through review of literature. The study specifically sought to establish the relationship between corporate governance attributes of accountability, transparency, transformational leadership and stakeholder engagement; and performance of state-owned enterprises with government policy objective as the mediating variable. The study was anchored on Agency, Signalling, Transformational Leadership and Stakeholder Theories to narrow the literature gap.
Methodology: The study adopted desk research design through reviewing of relevant literature relating to corporate governance attributes and performance of state-owned enterprises. The study also summarized major contributions of significant studies on the relationship between corporate governance and performance. In addition, the study discussed the theoretical and methodological gaps in the reviewed literature on corporate governance and performance for further research.
Findings: Reviewed primary and secondary literature sources showed that, more transparency allows for greater accountability and contributes to better performance by state-owned enterprises. Further, countries that have been able to improve their corporate governance standards and practices have also been able to improve the business environment for and performance of both private and state-owned companies. In addition, SOEs’ performance is influenced by adoption and implementation of corporate governance practices. However, the difference in financial performance of SOEs may be due to several factors including set government policy objectives that constrain the performance of the SOEs. Moreover, countries with ineffective governance and low accountability continue to experience weak SOE performance, poor delivery of public services, stifled competitiveness and growth including through the crowding-out of private companies and increased opportunities for political patronage and corruption.
Unique contribution to theory, practice and policy: The study recommended that the principal objective of SOE reforms should be to improve SOEs’ accountability and efficiency by establishing and enforcing adequate reporting of their performance while holding them accountable for reaching or their targets. In addition, the state ownership policy should fully recognize SOE’s responsibilities towards stakeholders and request that SOEs report on their relations with stakeholders. Further, it should make clear any expectations the state has in respect of responsible business conduct by SOE.
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Rahim, Mia Mahmudur. "Regulating Advisory Boards for Australian SMEs in the Global Supply Chain." Business Law Review 41, Issue 6 (December 1, 2020): 243–52. http://dx.doi.org/10.54648/bula2020125.
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The context of this article, in general, is small and mediumsized enterprises (SMEs’) governance and regulation in Australia and, in particular, their need for the inclusion of advisory boards to meet the lack of their knowledge-based skills. It presents the core of the meta-regulation approach and proposes how such an approach can incorporate advisory boards into SMEs without altering much of their governance framework. SMEs, corporate governance, regulation in Australia, advisory boards, governance framework
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Jain, Ameeta, and Dianne Thomson. "Corporate governance, board responsibilities, and financial performance: The National Bank of Australia." Corporate Ownership and Control 6, no. 2 (2008): 99–113. http://dx.doi.org/10.22495/cocv6i2p9.
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This paper examines board responsibilities and accountability by management and Board of Directors in relation to the National Australia Bank’s (NABs) performance. The NAB, an international financial service provider within the top thirty most profitable banks in the world, is compared with the Australian major banks. The evidence suggests that NABs poor performance was consistent with a lack of accountability, poor corporate governance and board dysfunction associated with fraudulent currency trading and the subsequent AUD360 million foreign currency losses. The NAB’s performance is investigated by utilizing accounting-based measures of profitability and cost efficiency as proxies for performance. Following the foreign currency trading losses in 2004 the NAB under-performed the other major Australian banks in terms of profits, cost to income ratio and growth in assets. In terms of profitability and cost efficiency NAB had the lowest ROE and ROA with a 19.7% fall in net profit and the highest cost to income ratio of 57.4% of any of the five largest banks. This case study provides an Australian example of poor corporate governance and suggests that financial institutions and regulators can learn from the NAB’s experience. Failure to have top-down accountability can have significant impact on over-all performance, profitability and reputation. In particular, it suggests that management and Boards need to review their risk management procedures and regulators need to be more pro-active in their prudential oversight of financial institutions.
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Lama, Tek, and Warwick Wyndham Anderson. "Company characteristics and compliance with ASX corporate governance principles." Pacific Accounting Review 27, no. 3 (August 3, 2015): 373–92. http://dx.doi.org/10.1108/par-12-2013-0104.
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Purpose – This study aims to examine whether company characteristics determine the structure and composition of a company’s board. In particular, it investigates the three board-design choices that Australian-listed companies make in the context of Australian Stock Exchange (ASX) corporate governance principles (published in 2003) where they are allowed to depart from the recommended best-practice board structure if the departure better serves their unique board and governance requirements. Design/methodology/approach – A logistic regression is performed on a cross-section of data for 258 ASX-listed companies averaged over the years 2004 to 2007, using the company variables size, age, leverage, ownership concentration, profitability, liquidity, price-earnings ratio, market-to-book ratio and cross-listing. Findings – The study finds that size has a strong, statistically significant impact on all three principles. Ownership concentration, price-earnings ratio and age have statistically significant impacts on the likelihood of compliance with at least one principle but have no consistent influence over all. This finding supports the underlying philosophy of the ASX corporate governance principles that flexible guidelines serve companies better than inflexible rules. Originality/value – This study breaks new ground in empirically investigating the effect of company variables on compliance with the ASX’s Principles of 2003, which are new for Australia in requiring an “if not, why not” response from companies.
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Biswas, Pallab Kumar, Mansi Mansi, and Rakesh Pandey. "Board composition, sustainability committee and corporate social and environmental performance in Australia." Pacific Accounting Review 30, no. 4 (November 5, 2018): 517–40. http://dx.doi.org/10.1108/par-12-2017-0107.
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PurposeThe purpose of this study is to examine the impacts of board gender composition, board independence and the existence of a board sustainability committee on the corporate social and environmental performance of Australian firms.Design/methodology/approachThe dataset comprises 2,188 Australian Securities Exchange listed firm-year observations (407 individual firms) from 2004 to 2015. The ASSET4 environmental, social and governance database is used to measure corporate social and environmental performance and their sub-dimensions.FindingsOur results show that firms with higher board gender composition, greater board independence and sustainability committees tend to have better social and environmental performance. This paper also provides empirical evidence of the positive association of these variables on the sub-dimensions of social and environmental performance. The results are robust after controlling for self-selection and various forms of endogeneity.Originality/valueThis is the first study that examines the relationship between sustainability committees and corporate social and environmental performance in the context of Australia. This study also overcomes the relatively small sample size and shorter study period issues of similar studies in Australia that provide inconclusive evidence on the relationship between each of board gender composition, board independence and corporate social and environmental performance.
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Almadi, Madi, and Philip Lazic. "CEO incentive compensation and earnings management." Management Decision 54, no. 10 (November 21, 2016): 2447–61. http://dx.doi.org/10.1108/md-05-2016-0292.
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Purpose The purpose of this paper is to investigate the impact of CEO incentive-based compensation on earnings management, taking into account the influence of institutional settings and corporate governance systems. Design/methodology/approach Using archival data of 3,000 British, Australian, German, and Austrian firm-years between 2005 and 2014, the study applies fixed-effect estimator to reduce risks of endogeneity bias. Findings The findings reveal that institutional factors influence the relationship between CEO incentive-based compensation and earnings management. Particularly, firms from countries within the Anglo-American model (the UK and Australia), which provide greater protection for investor, stricter legal enforcement, and higher quality of corporate governance, tend to have lower level of earnings management. However, besides corporate governance quality, it is relevant to consider weaker investor protection and legal enforcement to motivate earnings management in firms from countries within the Euro-Continental model (Germany and Austria). Originality/value The study suggests that robust implementation of corporate governance, derived from either model, helps in restraining CEO opportunistic behavior. Importantly, more qualified institutions have higher impact on the relative adequacy of CEO incentive-based pay formulas in mitigating earnings management concerns. This can be extended by future research through comparative studies using other contexts or influential institutions.
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Alanazi, Badar. "Too little or too Much Freedom? – A Comparative Analysis of Corporate Governance Codes in the UK and Australia." JOURNAL OF SOCIAL SCIENCE RESEARCH 15 (May 1, 2020): 167–75. http://dx.doi.org/10.24297/jssr.v15i.8729.
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The purpose of corporate governance codes is to ensure that directors do not abuse their power to the disadvantage of the company’s shareholders or creditors, while at the same time affording them enough freedom to allow the company to operate in a competitive way and generate profits. This article evaluates the UK Corporate Governance Code and the Australian Corporate Governance Principles and Recommendations in order to ascertain the extent to which they strike an appropriate balance between preventing abuses of power by the board while affording them sufficient freedom to pursue innovation and entrepreneurship. The article concludes that the codes in both countries propose advanced approaches to corporate governance which to a significant extent protect the interests of the shareholders while encouraging board members to pursue innovation and entrepreneurship in a safe manner, through the adoption of appropriate risk management measures.
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Benkel, Mark, Paul R. Mather, and Alan Ramsay. "The association between corporate governance and earnings management: The role of independent directors." Corporate Ownership and Control 3, no. 4 (2006): 65–75. http://dx.doi.org/10.22495/cocv3i4p4.
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The agency perspective of corporate governance emphasizes the monitoring role of the board of directors. This study is concerned with analyzing whether independent directors on the board and audit committee (recommendations of the ASX Corporate Governance Council, 2003) are associated with reduced levels of earnings management. The results support the hypotheses that a higher proportion of independent directors on the board and on the audit committee are associated with reduced levels of earnings management. The results are robust to alternative specifications of the model. This study adds to the very limited research into the relationship between corporate governance and earnings management in Australia. It also provides empirical evidence on the effectiveness of some of the regulators’ recommendations, which may be of value to regulators in preparing and amending corporate governance codes
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da Silva Rosa, Raymond, Dane Etheridge, and Izan H. Y. Izan. "One size does not fit all: small companies and ASX corporate governance compliance." Corporate Ownership and Control 5, no. 1 (2007): 66–78. http://dx.doi.org/10.22495/cocv5i1p6.
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The ASX Corporate Governance Council’s Principles of Good Corporate Governance and Best Practice Recommendations (Released March 2003) has been criticised as unduly prescriptive and potentially costly, particularly for small firms. Using a sample of 518 West Australia and Queensland based ASX listed companies, we show that small companies are less likely to comply with several of the ASX recommendations than large companies. We also show that some agency controls largely ignored in the recommendations, such as substantial shareholders, may substitute for some of the corporate governance mechanisms recommended by the ASX. We also consider the effect that the extent of director interlocking may have on compliance, and find that it is minimal. Overall, the results of this research provide a timely reminder that when it comes to corporate governance, one size does not fit all.
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Nagarajan, Vijaya. "Regulating for Women on Corporate Boards: Polycentric Governance in Australia." Federal Law Review 39, no. 2 (June 2011): 255–79. http://dx.doi.org/10.22145/flr.39.2.3.
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Elsayih, Jibriel, Rina Datt, and Qingliang Tang. "Corporate governance and carbon emissions performance: empirical evidence from Australia." Australasian Journal of Environmental Management 28, no. 4 (October 2, 2021): 433–59. http://dx.doi.org/10.1080/14486563.2021.1989066.
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Miglani, Seema, Kamran Ahmed, and Darren Henry. "Voluntary corporate governance structure and financial distress: Evidence from Australia." Journal of Contemporary Accounting & Economics 11, no. 1 (April 2015): 18–30. http://dx.doi.org/10.1016/j.jcae.2014.12.005.
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Nagarajan, Vijaya. "Regulating for Women on Corporate Boards: Polycentric Governance in Australia." Federal Law Review 39, no. 2 (June 2011): 255–79. http://dx.doi.org/10.1177/0067205x1103900203.
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Qian, Wei. "Legitimacy or good governance: What drives carbon performance in Australia." Corporate Ownership and Control 10, no. 3 (2013): 39–48. http://dx.doi.org/10.22495/cocv10i3art4.
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Previous studies present diverse views on carbon performance. The legitimacy perspective posits that external forces from a wide range of stakeholders drives environmental performance change, while the governance perspective posits that strong internal governance structure leads to performance improvement. This study empirically examines the validity of these different perspectives. Using data released by top polluting companies included in the Australian National Greenhouse and Energy Reports (NGER), the study finds that better governance structures are significantly associated with higher carbon performance, but there is no significant relationship between external carbon disclosure and carbon performance. The results suggest that future policy needs to focus more on ensuring strong corporate governance system and encouraging the integration of environmental aspects into governance agenda.
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Barnes, Associate Professor Lisa. "Corporate Governance and Company Directors: Are They Alice in Wonderland?" Frontiers in Education Technology 3, no. 1 (December 6, 2019): p1. http://dx.doi.org/10.22158/fet.v3n1p1.
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Corporate governance is not a new concept. In fact the last 15 years has seen a surge in academic publications and case law in relation to the lack of corporate governance. Research Gap is that Company Directors are attending a “mad hatters’ tea party” when it comes to the implementation of governance codes, with the recent spate of court cases involving breaches of directors fiduciary duties. Methodology used was review of case law using archival data. This research looks at the type of case law issues of corporate governance in Australia and in particular accountability, and relates the case law to the Corporations Act (2001) to find where company directors are getting corporate governance wrong. The findings indicate that perhaps the “if not why not” prescription, should not be an option for corporate governance for some Boards. For some Boards the invitation from Alice to jump down the rabbit hole into creative accounting and bad board behaviour at the “mad hatters’ tea party” is just too great an incentive. Implications show that this review of important corporate governance case law will assist Boards to concentrate their efforts on improving the environment they operate in, as good governance equates to good business. “In another moment down went Alice after it, never once considering how in the world she was to get out again.” Carroll, Lewis (1865) Alice’s Adventures in Wonderland.
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Clouse, Maclyn, and Alexander Kostyuk. "Editorial: An international context of corporate governance research." Corporate Ownership and Control 17, no. 4, Special Issue (2020): 218–20. http://dx.doi.org/10.22495/cocv17i4sieditorial.
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The recent issue of Corporate Ownership and Control journal can be referred to a special issue because of the truly international outlook provided by the scholars from more than 10 countries of the world, such as Canada, Australia, the UK, Germany, Italy, Finland, Portugal, Egypt, Thailand, Tunisia, the UAE. All the papers published in this special issue have been divided into several research fields. The first is the board of directors’ practices. The second group of papers concerns the most actual national practices of corporate governance in such countries as Germany, France, Egypt, China, Thailand, OECD and 13 Middle East and North Africa (MENA) countries. All the issues related to corporate governance considered by the authors of the papers published in this issue of the journal provide an excellent vision of the most challenging practices of corporate governance in the global context.
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Pasko, Oleh, Fuli Chen, and Xuefeng Yao. "Snapshot and Trends of Corporate Governance Research in the Past 5 Years: Statistics and Visual Analysis Based on CiteSpace." Accounting and Finance, no. 4(90) (2020): 120–29. http://dx.doi.org/10.33146/2307-9878-2020-4(90)-120-129.
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Corporate governance is not only one of the important issues of modern enterprise management, but also a hot topic in academic research. Bibliometric analysis of the current status of global corporate governance research in the past five years can help researchers and decision-makers grasp the main trends in corporate governance at present and in the future. The purpose of this research is to analyze the current status, hot spots and trends of corporate governance research in the past five years. Using the core collection of the WOS database as the data source, we searched English language journals related to corporate governance and obtained 607 literature search results. We utilize bibliometric methods and use CiteSpace to conduct statistical analysis and visual analysis. Through statistical literature publication year, country (region), author and literature citation situation, draw keyword co-occurrence map, research hotspot map, clustering map, burst hotspot map, systematically show the corporate governance research field in the past 5 years Basic information, research hotspots and development trends.The research results show that the number of corporate governance-related documents has continued to increase in the past five years. The United States, the United Kingdom, China, Spain, and Australia are the five countries with the largest number of corporate governance studies. The top 5 most cited authors are M.C. Jensen, A. Shleifer, E.F. Fama, R.La. Porta and P. Gompers. Among the top 10 most cited documents, the most cited are 178 words and the least cited 65 times. Research hotspots in corporate governance include agency theory, emerging market, capital structure, family firms, and real earnings management. Future research trends include merger, ownership concentration, equity and institution.
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Imam, Tasadduq, Abdullahi Ahmed, and Kevin Tickle. "Relating firm performance to corporate governance characteristics: A research perspective on the publicly listed information technology companies in Australia." Corporate Ownership and Control 9, no. 2 (2012): 106–22. http://dx.doi.org/10.22495/cocv9i2art9.
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The objective of this research is to relate company performance (in terms of different measures) to corporate governance characteristics (like board size, internal or external majority governance) for the publicly listed information technology (IT) companies in Australia. A sample of 55 such companies are considered. Results reveal that, contrary to the popular belief in respect to positive influence of external board members, performance of the IT companies tend to worse with higher degree of board independence. We attribute the characteristics of these outcomes to the dynamic properties of the IT industrial sector in Australia. Linear regression models relating the performance measures to board characteristics along with other financial information have also been developed. The number of senior management members has been identified as the key board characteristic factor in these models, implying the importance of major internal control over highly independent board for the publicly listed Australian IT companies.