Journal articles on the topic 'Financial risk management – Australia'
To see the other types of publications on this topic, follow the link: Financial risk management – Australia.
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 journal articles for your research on the topic 'Financial risk management – Australia.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse journal articles on a wide variety of disciplines and organise your bibliography correctly.
1
Guesmi, Khaled, Frederic Teulon, and Amine Lahiani. "Australias Integration Into The ASEAN-5 Region." Journal of Applied Business Research (JABR) 29, no. 6 (October 29, 2013): 1607. http://dx.doi.org/10.19030/jabr.v29i6.8198.
Full textAbstract:
This paper attempts to evaluate the time-varying integration of Australian stock market in ASEAN-5 region (ASEAN + Australia, Korea, China, India and Japan) by using a conditional version of the international capital asset pricing model (ICAPM) allowing for dynamic changes in the degree of market integration, regional market risk price, currency risk price and domestic market risk price. Main findings are as follows: i) the prices of risk in Australia are extremely sensitive to major international economic and political events such as the different monetary and financial crises in international financial market; ii) the level of market openness and development of the stock market satisfactorily explain the time-varying degree of Australian stock integration.
2
Nguyen, Justin Hung. "Carbon risk and firm performance: Evidence from a quasi-natural experiment." Australian Journal of Management 43, no. 1 (July 21, 2017): 65–90. http://dx.doi.org/10.1177/0312896217709328.
Full textAbstract:
This article examines the effect of carbon risk on firm performance, exploiting the Australia ratification of Kyoto Protocol in December 2007 as an exogenous shock. The article finds that polluters, firms in highest-emitting industries, experience a reduction in financial performance relative to controlling non-polluters subsequent to the ratification, and the effect is more pronounced among financially constrained firms. The results are robust to various definitions of polluters, measures of financial constraints, falsification tests on the timing of the Kyoto adoption and the impact of the Global Financial Crisis. The evidence suggests a negative association between carbon risk and firm performance.
3
Ramiah, Vikash, Yilang Zhao, and Imad Moosa. "Working capital management during the global financial crisis: the Australian experience." Qualitative Research in Financial Markets 6, no. 3 (November 10, 2014): 332–51. http://dx.doi.org/10.1108/qrfm-09-2012-0026.
Full textAbstract:
Purpose – This paper aims to document the measures taken by Australian corporate treasurers in the areas of cash, inventory, accounts receivable, accounts payable and risk management to survive the global financial crisis (GFC). Design/methodology/approach – Using qualitative techniques like interviews and a survey questionnaire, this paper summarises the various measures adopted by working capital managers. Findings – The results show that more than half of the participants in the survey altered their working capital management practices during the crisis. Capital expenditure was curtailed, as they aimed at preserving their cash levels while reducing inventory levels. Credit worthiness of institutions became more important, and there was a general decline in credit availability. The results also show that Australian working capital managers exhibit behavioural biases, particularly overconfidence. Originality/value – It is the first paper that uses open-ended questions to capture the effects of the GFC on working capital management in Australia.
4
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.
Full textAbstract:
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.
5
Scherbina, Tatiana, Olya Afanasieva, and Yulia Lapina. "Risk management, corporate governance and investment banking: The role of chief risk officer." Corporate Ownership and Control 10, no. 3 (2013): 313–30. http://dx.doi.org/10.22495/cocv10i3c2art5.
Full textAbstract:
This paper focuses on the defining the role of CRO in corporate governance and to show the interrelation between the way of CRO subordination and performance of investment bank. The sample consists of observations over a period of 2011 for 29 biggest investment banks (by amount of assets) implementing world-wide investment activity. The banks are originated in the USA (8), Eastern Europe (14), China (2), Japan (2), Canada (2), and Australia (1). With the aim to evaluate and compare financial performance of selected banks the construction of synthetic key performance indicator (SKPI) is worked out. The empirical analysis of risk management in the research is based on two different groups of factors, which could be used to evaluate the effectiveness of risk management in this sphere: analysis of CRO impact - Risk Management Committee factors and CRO factors, and Evaluation of Financial Performance. Results show that the CRO presence in investment banks effect positively on the financial performance.
6
Black, Warren, Geoffrey Cann, and Darren Gerber. "Nine principles for establishing a risk-intelligent major capital project." APPEA Journal 53, no. 2 (2013): 495. http://dx.doi.org/10.1071/aj12106.
Full textAbstract:
The reality of major capital projects With almost $1 trillion of investor capital being committed to major capital projects across Australia, the competition to secure adequate skills, machinery, materials, operating licenses, contractor support, and associated infrastructure has increased significantly, putting pressure on supply and yielding unique delivery risks. Furthermore, the sheer magnitude and complexity of these projects, combined with market conditions and the high value of the Australian dollar, has increased risk profiles to the point where such projects may threaten the financial security of owners and investors. The reality is that major capital projects can significantly enhance or erode shareholder value, depending on how well they are executed. Considering their high-impact nature, levels of governance, risk management, and assurance need to be strengthened. Risk intelligence in major capital projects As part of Deloitte's ongoing relationship with some of the most prominent major capital project entities in Australia, the authors have assessed a number of mega projects to determine what commonalities exist in light of risk management better practice. The authors have consolidated their observations into their latest contribution to Australian industry: Nine Principles to Establishing a Risk Intelligent, Major Capital Project. This extended abstract outlines what the authors believe the top Australian major capital projects are doing to control risk, while pursuing their delivery objectives. How are project officers securing clear accountability in complex stakeholder environments? How are they keeping owners and investors assured? How are they de-mystifying emerging risk scenarios?
7
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.
Full textAbstract:
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.
8
Brown, Christine, Viet Do, and Oscar Trevarthen. "Liquidity shock management: Lessons from Australian banks." Australian Journal of Management 42, no. 4 (November 17, 2016): 637–52. http://dx.doi.org/10.1177/0312896216656720.
Full textAbstract:
Prior to the 2007–2009 financial crisis, international banks had an average share of around 65% of the syndicated loan market in Australia. When the crisis hit, the resulting liquidity shock resulted in globally active international banks exiting the Australian market. With limited global operations, the major Australian banks were able to absorb and manage the liquidity shock. This resulted in domestic banks carrying a significantly greater proportion of revolving credit facilities in their syndicated loan portfolios after 2008. Domestic bank willingness and ability to deal with the market disruption and to hold a greater proportion of high liquidity risk revolvers are directly linked to the level of their transaction deposits. Their increased involvement in revolving facilities cannot be fully explained by the certification effect or flight-to-home effect. It is not demand driven and is robust to endogeneity tests.
9
Tarca, Silvio, and Marek Rutkowski. "Assessing the Basel II internal ratings-based approach." Journal of Financial Regulation and Compliance 24, no. 2 (May 9, 2016): 106–39. http://dx.doi.org/10.1108/jfrc-05-2015-0024.
Full textAbstract:
Purpose This study aims to render a fundamental assessment of the Basel II internal ratings-based (IRB) approach by taking readings of the Australian banking sector since the implementation of Basel II and comparing them with signals from macroeconomic indicators, financial statistics and external credit ratings. The IRB approach to capital adequacy for credit risk, which implements an asymptotic single risk factor (ASRF) model, plays an important role in protecting the Australian banking sector against insolvency. Design/methodology/approach Realisations of the single systematic risk factor, interpreted as describing the prevailing state of the Australian economy, are recovered from the ASRF model and compared with macroeconomic indicators. Similarly, estimates of distance-to-default, reflecting the capacity of the Australian banking sector to absorb credit losses, are recovered from the ASRF model and compared with financial statistics and external credit ratings. With the implementation of Basel II preceding the time when the effect of the financial crisis of 2007-2009 was most acutely felt, the authors measure the impact of the crisis on the Australian banking sector. Findings Measurements from the ASRF model find general agreement with signals from macroeconomic indicators, financial statistics and external credit ratings. This leads to a favourable assessment of the ASRF model for the purposes of capital allocation, performance attribution and risk monitoring. The empirical analysis used in this paper reveals that the recent crisis imparted a mild stress on the Australian banking sector. Research limitations/implications Given the range of economic conditions, from mild contraction to moderate expansion, experienced in Australia since the implementation of Basel II, the authors cannot attest to the validity of the model specification of the IRB approach for its intended purpose of solvency assessment. Originality/value Access to internal bank data collected by the prudential regulator distinguishes this paper from other empirical studies on the IRB approach and financial crisis of 2007-2009. The authors are not the first to attempt to measure the effects of the recent crisis, but they believe that they are the first to do so using regulatory data.
10
Sullivan, Paul. "A risk management approach to safe mooring systems in Australia." APPEA Journal 56, no. 2 (2016): 550. http://dx.doi.org/10.1071/aj15056.
Full textAbstract:
In March 2015, during cyclone Olwyn, a mobile offshore drilling unit (MODU) experienced a mooring failure and loss of position event. The MODU was blown some three nautical miles off location in the vicinity of subsea and surface infrastructure. There are serious safety, environmental, financial, and reputational risks that can be presented by a loss of mooring position. In response, NOPSEMA hosted a workshop with members of APPEA, the International Drilling Contractors Association (IADC) and with mooring contractors with a view to collectively improve the management of risks associated with the mooring of MODUs in Australia’s tropical waters, both in the short and longer term. Following this workshop, NOPSEMA issued an Information Note for the 2015/16 cyclone season, describing the regulators’ expectations of industry duty holders in respect of MODU mooring system management. At the same time, APPEA’s Drilling Industry Steering Committee (DISC) members aligned on the key principles underpinning a MODU mooring system approach. In late 2015, the APPEA DISC members commissioned a working group to develop a guidance framework for MODU mooring management in Australian tropical waters. DISC aims to work closely with industry partners such as IADC and specialist mooring contractors in the development of this framework. DISC has tasked the working group to have the guidance framework ready for the 2016/17 cyclone season, and for presentation at the 2016 APPEA Conference. The completed case study, presented at the APPEA Conference, provides an excellent example of a goal-setting and continuous improvement regulatory regime working as designed and intended.
11
Loudon, Geoffrey F. "Financial Risk Exposures in the Airline Industry: Evidence from Australia and New Zealand." Australian Journal of Management 29, no. 2 (December 2004): 295–316. http://dx.doi.org/10.1177/031289620402900208.
Full text
12
Andersson, Tommy Daniel, Don Getz, David Gration, and Maria M. Raciti. "Event portfolios: asset value, risk and returns." International Journal of Event and Festival Management 8, no. 3 (October 9, 2017): 226–43. http://dx.doi.org/10.1108/ijefm-01-2017-0008.
Full textAbstract:
Purpose The research question addressed is whether an event portfolio analysis rooted in financial portfolio theory can yield meaningful insights to complement two approaches to event portfolios. The first approach is extrinsic and rooted in economic impact analysis where events need to demonstrate a financial return on investment. In the second approach events are valued ally, with every event having inherent value and the entire portfolio being valued for its synergistic effects and contribution to social and cultural goals. The paper aims to discuss these issues. Design/methodology/approach Data from visitors to four events in the Sunshine Coast region of Australia are analyzed to illustrate key points, including the notion of “efficient frontier.” Findings Conceptual development includes an examination of extrinsic and intrinsic perspectives on portfolios, ways to define and measure value, returns, risk, and portfolio management strategies. In the conclusions a number of research questions are raised, and it is argued that the two approaches to value event portfolios can be combined. Research limitations/implications Only four events were studied, in one Australian local authority. The sample of residents who responded to a questionnaire was biased in terms of age, education and gender. Social implications Authorities funding events and developing event portfolios for multiple reasons can benefit from more rigorous analysis of the value created. Originality/value This analysis and conceptual development advances the discourse on portfolio theory applied to event management and event tourism.
13
Imam, Tasadduq, Abdullahi D. Ahmed, and Kevin Tickle. "Dynamics of the currency exchange rates against the AUD: Analytical and risk mitigation perspectives." Corporate Ownership and Control 10, no. 3 (2013): 366–79. http://dx.doi.org/10.22495/cocv10i3c3art3.
Full textAbstract:
In recent era, the volatility of exchange rates has drawn considerable notice, especially in the light of huge losses from foreign exchange derivatives by several major firms during the Global Financial Crisis. Australia stands out as a major economy in contemporary arena, and there have been incidents of such loss from derivatives tied to exchange rates against the Australian Dollar (AUD). Under this context, this article aims to characterize the economical aspects of Australia’s major trading partners with a view to guiding corporate governance community in respect to risk mitigation actions. The time span considered is January 1999-May 2011, and 14 major currencies are incorporated in this research. The research scrutinizes the statistical and stochastic properties of the exchange rates, and segments the Australia’s trading partners in terms of these aspects. The results further show that consideration of grouping produces a better approximation of the strength of Australian Dollar in the global context.
14
Francis, Ben, Tyron Venn, Tom Lewis, and Jeremy Brawner. "Case Studies of the Financial Performance of Silvopastoral Systems in Southern Queensland, Australia." Forests 13, no. 2 (January 26, 2022): 186. http://dx.doi.org/10.3390/f13020186.
Full textAbstract:
There is considerable uncertainty surrounding the future availability of hardwood timber from state-owned native forests in southern Queensland. The timber industry is becoming increasingly reliant on private native forests, where much is on properties primarily managed for beef cattle grazing. Historically, these forests have been periodically high-grade harvested without silvicultural treatment or cleared to increase pasture production where landholders have the right to do so. This study compares these traditional forest management practices at four case study properties against silvopastoral system alternatives. Merchantable timber, pasture and cattle production was estimated for each management scenario with a native forest silvicultural treatment response model. The net present value of each scenario was estimated over a 20-year management period. For all case study properties, the worst-performing forest management scenario was to clear forest for grazing. Investment in silvopastoral systems in southern Queensland was found to be financially attractive, particularly when silvicultural treatments were implemented in year zero to increase timber production. Silvicultural treatments increased the mean annual increment of merchantable timber over 20 years by an average of 1.3 m3/ha/year relative to the scenario where no management was performed in year zero. Forest management scenarios with silvicultural treatments had better financial performance than scenarios without silvicultural treatment. However, long payback periods and sovereign risk are serious impediments to silvopastoral system adoption in southern Queensland. If these concerns can be overcome, private native forests have the potential to be sustainably managed to improve the financial performance of farms, improve regional employment and income generation, supply Queensland’s future hardwood timber needs, and increase carbon sequestration and biodiversity conservation on private land.
15
Star, Megan, John Rolfe, Peter Long, Giselle Whish, and Peter Donaghy. "Improved grazing management practices in the catchments of the Great Barrier Reef, Australia: does climate variability influence their adoption by landholders?" Rangeland Journal 37, no. 5 (2015): 507. http://dx.doi.org/10.1071/rj15012.
Full textAbstract:
The declining health of the Great Barrier Reef from diffuse source pollutants has resulted in substantial policy attention on increasing the adoption of improved management practices by agricultural producers. Although economic modelling indicates that many improved management practices are financially rewarding, landholders with dated management practices remain hesitant to change. This research involved bio-economic modelling to understand the variance in private returns for grazing enterprises across a climate cycle. Results show that financial returns to landholders can vary substantially across different 20-year periods of a climate cycle, demonstrating that the variability in expected returns may be an important reason why landholders are cautious about changing their management practices. Although previous research has separately identified financial returns and attitudes to risk and uncertainty of landholders as key influences on decisions concerning adoption of improved management practices, this research demonstrates that it is the interaction between these factors that is important to understand when designing policy settings.
16
Godfrey, Sosheel S., Thomas Nordblom, Ryan H. L. Ip, Susan Robertson, Timothy Hutchings, and Karl Behrendt. "Drought Shocks and Gearing Impacts on the Profitability of Sheep Farming." Agriculture 11, no. 4 (April 18, 2021): 366. http://dx.doi.org/10.3390/agriculture11040366.
Full textAbstract:
The resilience and profitability of livestock production in many countries can be impacted by shocks, such as drought and market shifts, especially under high debt levels. For farmers to remain profitable through such uncertainty, there is a need to understand and predict a farming business’s ability to withstand and recover from such shocks. This research demonstrates the use of biophysical modelling linked with copula and Monte Carlo simulation techniques to predict the risks faced by a typical wool and meat lamb enterprise in South-Eastern Australia, given the financial impacts of different debt levels on a farming business’s profitability and growth in net wealth. The study tested five starting gearing scenarios, i.e., debt to equity (D:E) ratios to define a farm’s financial risk profiles, given weather and price variations over time. Farms with higher gearing are increasingly worse off, highlighting the implications of debt accumulating over time due to drought shocks. In addition to business risk, financial risk should be included in the analyses and planning of farm production to identify optimal management strategies better. The methods described in this paper enable the extension of production simulation to include the farmer’s management information to determine financial risk profiles and guide decision making for improved business resilience.
17
Sutcliffe, Sarah, Bradley O. Clarke, and Oliver A. H. Jones. "Steroid oestrogens in the environment: an Australian perspective." Water Science and Technology 68, no. 11 (October 24, 2013): 2317–29. http://dx.doi.org/10.2166/wst.2013.508.
Full textAbstract:
Endocrine disrupting compounds (EDCs) have been in the scientific spotlight since the 1980s. However, there has been much less research reported in Australia than in other developed countries and little information is known about how these compounds interact with native Australian species compared to European and North American fauna. This is of concern because Australia has distinct wildlife and environments that face increasing intensity and frequency of extreme, climatic events compared to northern hemisphere countries. Since oestrogenic compounds cannot be prevented from entering wastewater their management and removal must occur at wastewater treatment plants. Biological treatment is the most effective tool in this regard; however the financial and environmental costs must be balanced with the environmental benefit to effectively plan treatment options. Since standard risk assessment models and procedures developed internationally are unlikely to translate well to Australian ecosystems, new, novel and localised research on both the monitoring and assessment of EDCs in Australian wastewater and receiving aquatic environments is recommended. This includes the development of relevant bioassays and application of treatment technologies that reflect the local community and climate.
18
Buckby, Sherrena, Gerry Gallery, and Jiacheng Ma. "An analysis of risk management disclosures: Australian evidence." Managerial Auditing Journal 30, no. 8/9 (October 5, 2015): 812–69. http://dx.doi.org/10.1108/maj-09-2013-0934.
Full textAbstract:
Purpose – Communication of risk management (RM) practices are a critical component of good corporate governance. Research, to date, has been of little benefit in informing regulators internationally. This paper seeks to contribute to the literature by investigating how listed Australian companies disclose RM information in annual report governance statements in accordance with the Australian Securities Exchange (ASX) corporate governance framework. Design/methodology/approach – To address this study’s research questions and related hypotheses, the authors examine the top 300 ASX-listed companies by market capitalisation at 30 June 2010. For these firms, the authors identify, code and categorise RM disclosures made in the annual according to the disclosure categories specified in ASX Corporate Governance Principles and Recommendations (CGPR). The derived data are then examined using a comprehensive approach comprising thematic content analysis and regression analysis. Findings – The results indicate widespread divergence in disclosure practices and low conformance with the Principle 7 of the ASX CGPR. This result suggests that companies are not disclosing all “material business risks” possibly due to ignorance at the board level, or due to the intentional withholding of sensitive information from financial statement users. The findings also show mixed results across the factors expected to influence disclosure behaviour. While the presence of a risk committee (RC) (in particular, a standalone RC) and technology committee (TC) are found to be associated with some improvement in disclosure levels, the authors do not find evidence that company risk measures (as proxied by equity beta and the market-to-book ratio) are significantly associated with greater levels of RM disclosure. Also, contrary to common findings in the disclosure literature, factors such as board independence and expertise, audit committee independence and the usage of a Big-4 auditor do not seem to impact the level of RM disclosure in the Australian context. Research limitations/implications – The study is limited by the sample and study period selection as the RM disclosures of only the largest (top 300) ASX firms are examined for the fiscal year 2010. Thus, the findings may not be generalisable to smaller firms or earlier/later years. Also, the findings may have limited applicability in other jurisdictions with different regulatory environments. Practical implications – The study’s findings suggest that insufficient attention has been applied to RM disclosures by listed companies in Australia. These results suggest RM disclosures practices observed in the Australian setting may not be meeting the objectives of regulators and the needs of stakeholders. Originality/value – The Australian setting provides an ideal environment to examine RM communication as the ASX has explicitly recommended RM disclosures areas in its principle-based governance rules since 2007 (Principle 7). This differs from other jurisdictions where such disclosure recommendations are typically not provided and provides us with a benchmark to examine the nature and quality of RM disclosures. Despite the recommendation, the authors reveal that low levels and poor RM communication are prevalent in the Australian setting and warrant further investigation.
19
Jia, Jing. "Does risk management committee gender diversity matter? A financial distress perspective." Managerial Auditing Journal 34, no. 8 (September 2, 2019): 1050–72. http://dx.doi.org/10.1108/maj-05-2018-1874.
Full textAbstract:
Purpose Using 2010 corporate governance principles and recommendations (CGPR) as a natural setting, the purpose of this paper is to investigate the relationship between risk management committee (RMC) gender diversity and a firm’s likelihood of financial distress. Empirical evidence regarding whether CGPR (2010) enhances RMC gender diversity (RMCGD) is also provided. Design/methodology/approach Data were collected from the annual reports of the top 300 Australian Stock Exchange (ASX) listed companies from 2007 to 2014. To control for potential endogeneity, the association between (RMCGD) and a firm’s likelihood of financial distress was investigated using an instrumental variable approach (panel 2SLS regression). The relationship between CGPR (2010) and RMCGD was explored using panel regression analysis with firm fixed effects. Findings RMCGD was found to be associated with a lower probability of financial distress, suggesting that women are better at monitoring and reducing firms’ excessive risk-taking behaviours, which, in turn, decreases firms’ risk of financial distress. The results also indicate that CGPR (2010) is quite effective in enhancing committee gender diversity. In the additional analysis, the results show that RMCGD moderates the negative relationship between risk and likelihood of financial distress. Importantly, the proportion of women with financial experience on RMCs is more effective in reducing the likelihood of financial distress compared to the proportion of men with financial experience on RMCs. These results highlight the benefits of having a gender diverse RMC. Research limitations/implications The results were based on the top 300 ASX-listed companies; thus, restricting generalisability. In addition, this study only focussed on listed firms, non-listed firms may add additional insights to the literature. Practical implications The results provide new and useful empirical evidence about RMCGD for Australian policymakers. This paper suggests that, in the short-term at least, RMCGD should be encouraged by regulators. Regulators could also recommend that the firms with a non-diverse RMC include women with financial experience on their RMC. Originality/value Given that prior studies have indicated that gender diversity is closely related to risk, this study contributes to the previous literature by investigating RMCGD and its effect on the likelihood of financial distress. It is expected that the role of RMC member would be to protect the firm from ultimate failure (likelihood of financial distress), especially during a financial crisis.
20
Min, Jian, Jiaojiao Zhu, and Jian-Bo Yang. "The Risk Monitoring of the Financial Ecological Environment in Chinese Outward Foreign Direct Investment Based on a Complex Network." Sustainability 12, no. 22 (November 13, 2020): 9456. http://dx.doi.org/10.3390/su12229456.
Full textAbstract:
Aiming at the risk problem of financial ecological environment in outward foreign direct investment (OFDI), this paper constructs a risk monitoring model of the financial ecological environment based on complex network theory, and analyzes the general laws of financial risk evolution in Chinese OFDI by using data from 2008 to 2017 in 20 countries. First, the key risk factors are found through centrality analysis, then the correlation between risk indicators is obtained by cohesive subgroup analysis. Finally, we calculate network density, clustering coefficient and global efficiency to explore the time-spatial laws of the financial risk evolution in OFDI are obtained. At the same time, Kruskal’s algorithm is used to generate the minimum spanning tree (MST), and the change trend of risk transmission path is obtained. The results show that the following four risk indicators: M2/GDP, foreign exchange reserve, stock exchange turnover rate, total government debt as a percentage of GDP play an important role in the whole risk network and are the key nodes of risk evolution. The internal financial risks in Pakistan, the United States, Israel and Poland are more complex and highly transmissible. The risk transmission path based on MST shows that Australia and Bulgaria play an important role in risk transmission, and the length of risk transmission path has an overall upward trend. The conclusions of this study have guiding significance for overseas investment companies to prevent investment risks and ensure their sustainable development overseas.
21
McMahon, Catherine M., Bamini Gopinath, Julie Schneider, Jennifer Reath, Louise Hickson, Stephen R. Leeder, Paul Mitchell, and Robert Cowan. "The Need for Improved Detection and Management of Adult-Onset Hearing Loss in Australia." International Journal of Otolaryngology 2013 (2013): 1–7. http://dx.doi.org/10.1155/2013/308509.
Full textAbstract:
Adult-onset hearing loss is insidious and typically diagnosed and managed several years after onset. Often, this is after the loss having led to multiple negative consequences including effects on employment, depressive symptoms, and increased risk of mortality. In contrast, the use of hearing aids is associated with reduced depression, longer life expectancy, and retention in the workplace. Despite this, several studies indicate high levels of unmet need for hearing health services in older adults and poor use of prescribed hearing aids, often leading to their abandonment. In Australia, the largest component of financial cost of hearing loss (excluding the loss of well-being) is due to lost workplace productivity. Nonetheless, the Australian public health system does not have an effective and sustainable hearing screening strategy to tackle the problem of poor detection of adult-onset hearing loss. Given the increasing prevalence and disease burden of hearing impairment in adults, two key areas are not adequately met in the Australian healthcare system: (1) early identification of persons with chronic hearing impairment; (2) appropriate and targeted referral of these patients to hearing health service providers. This paper reviews the current literature, including population-based data from the Blue Mountains Hearing Study, and suggests different models for early detection of adult-onset hearing loss.
22
Deweerdt, Tom. "Why Is the Australian Health Sector So Far behind in Practising Climate-Related Disclosures?" International Journal of Environmental Research and Public Health 19, no. 19 (October 6, 2022): 12822. http://dx.doi.org/10.3390/ijerph191912822.
Full textAbstract:
The health sector in Australia and the ASX100 is lagging far behind in the implementation of carbon management and climate risk analysis. This case study highlights the low quantity and quality of the sector compared to its market weight. The analysis of CDP disclosures for Australian healthcare companies shows this delay and a general lack of interest in the Task Force on Climate-Related Financial Disclosures’ (TCFD) recommendations. Yet, the physical and transitory risks for these companies do exist. The reasons for this inaction represent a knowledge gap in the literature, but several hypotheses are formulated, such as the lack of pressure from public authorities. At the level of the ten largest healthcare companies in the world, this failure to act is not systemic, so the scope of analysis must be broadened to see a pattern emerging.
23
Whitty, Jennifer A., Adem Sav, Fiona Kelly, Michelle A. King, Sara S. McMillan, Elizabeth Kendall, and Amanda J. Wheeler. "Chronic conditions, financial burden and pharmaceutical pricing: insights from Australian consumers." Australian Health Review 38, no. 5 (2014): 589. http://dx.doi.org/10.1071/ah13190.
Full textAbstract:
Objective To explore the perceptions of Australian consumers and carers about the financial burden associated with medicines used for the treatment of chronic conditions. Method Semi-structured interviews were undertaken with individuals (n = 97) who identified as having a chronic condition(s) (n = 70), cared for someone with a chronic condition(s) (n = 8), or both (n = 19). Participants included individuals identifying with an Aboriginal or Torres Strait Islander (n = 23) or Culturally and Linguistically Diverse (n = 19) background. Data were analysed using the constant comparison method and reported thematically. Results Participants described substantial costs associated with medicines use, along with aggravating factors, including the duration and number of medicines used, loss of employment, lack of pricing consistency between pharmacies and the cost of dose administration aids. Consequences included impacts on medicine adherence, displacement of luxury items and potentially a reduced financial incentive to work. Understanding and beliefs related to pharmaceutical pricing policy varied and a range of proactive strategies to manage financial burden were described by some participants. Conclusions The financial burden associated with medicines used for the management of chronic conditions by Australian consumers is substantial. It is compounded by the ongoing need for multiple medicines and indirect effects associated with chronic conditions, such as the impact on employment. What is known about the topic? Medicines are a common form of treatment in chronic conditions. The financial burden related to medicines use, including co-payments, is associated with reduced adherence and other cost-coping strategies. Out of pocket costs for prescription medicines are relatively high in Australia compared with some other countries, including New Zealand and the United Kingdom. Australian consumers with chronic illness are likely to be at particular risk of financial burden associated with medicines use. What does this paper add? This paper explores the perceptions of consumers and carers around the financial burden associated with the use of medicines for the treatment of chronic conditions in Australia. It draws on the experiences and perceptions of a diverse group of consumers in Australia who identify as having, or caring for someone with, a chronic condition(s). What are the implications for practitioners? Health professionals who assist consumers to manage their medicines need to be aware of the potential for financial burden associated with medicines use and its potential impact on adherence. There is a need for health professionals to educate and assist consumers with chronic conditions to ensure they can navigate the health system to maximum benefit and receive financial entitlements for which they are eligible.
24
Bissoondoyal-Bheenick, Emawtee, and Sirimon Treepongkaruna. "An analysis of the determinants of bank ratings: comparison across ratings agencies." Australian Journal of Management 36, no. 3 (December 2011): 405–24. http://dx.doi.org/10.1177/0312896211426676.
Full textAbstract:
The recent Global Financial Crisis has focused our attention on the integrity of rating agencies. Often condemned for being too slow to act, rating agencies have been blamed during many financial crises. This impression opens some research questions addressed in this paper. What are the determinants of banks ratings? How do they differ across ratings agencies? This paper analyses the quantitative determinants of bank ratings, provided by Standard & Poor’s, Moody’s, and Fitch in the United Kingdom and Australia. The main finding is that quantitative factors that reflect asset quality, liquidity risk, capital adequacy and operating performance are the key determinants of bank ratings across the rating agencies. However, macroeconomic variables and market risk factors do not seem to be contributing factors in explaining bank ratings in either country.
25
Harker, Callan, Maureen Hassall, Paul Lant, Nikodem Rybak, and Paul Dargusch. "What Can Machine Learning Teach Us about Australian Climate Risk Disclosures?" Sustainability 14, no. 16 (August 12, 2022): 10000. http://dx.doi.org/10.3390/su141610000.
Full textAbstract:
There seems to be no agreed taxonomy for climate-related risks. The information in firms’ climate risk disclosures represents a new resource for identifying the priorities and strategies of Australian companies’ management of climate risk. This research surveys 839 companies listed on the Australian Stock Exchange for the presence of climate risk disclosures, identifying 201 disclosures on climate risk. The types of climate risks and the risk management strategies were extracted and evaluated using machine learning. The analysis revealed that Australian firms are focused on acute physical climate risks, followed by market and regulatory risks. The predominant management strategy for these risks was to use a risk reduction approach, rather than avoiding or transferring risk. The analysis showed that key Australian industry sectors, such as materials, banking, insurance, and energy are focusing on different mixtures of risk types, but they are all primarily managing risks through risk-reduction strategies. An underlying driver of climate risk disclosure was composed of the financial implications of climate risk, particularly with respect to acute physical risks. The research showed that emission reductions represent a primary consideration for Australian firms in their disclosures identifying how they are responding to climate risk. Further research using machine learning to evaluate climate risk disclosure should focus on analysing entire climate risk reports for key topics and trends over time.
26
Wee, Kenneth. "Australia as an international capital centre and headquarters for oil and gas investments." APPEA Journal 53, no. 1 (2013): 47. http://dx.doi.org/10.1071/aj12005.
Full textAbstract:
Oil and gas projects inherently require significant sums of capital investments. Uncertainty in the global financial climate, coupled with volatile commodity prices and unrelenting cost escalations, is contributing to the risk of a world-wide credit crunch. In an ever-tightening capital market, investors are forced to compete globally for equity amidst rising costs of capital and an unprecedented demand for accountability by capital providers. Despite tough economic times, Australia has remained one of the world’s leading centres for raising capital for global oil and gas exploration and development exploits. Many players increasingly access Australia’s liquid capital markets to fund emerging oil and gas ventures in locations including Africa, Asia and the Americas. Australia has conducive regulatory and fiscal rules, which make it an attractive holding company jurisdiction to locate either global or regional oil and gas headquarters. There are, however, many aspects of Australia’s fiscal rules that are often overlooked and can prove costly for the global tax effectiveness of investing through Australia and the flow-on impact on global after-tax funding costs in a capital-constrained environment. This peer-reviewed paper seeks to canvass the following: overview of Australia’s holding company tax regime, including Australia’s participation exemption, branch profits exemption and controlled foreign company rules; accidental permanent establishment risks for Australian entities operating abroad; treatment of equity-raising costs; cost allocations for management, technical services and head office support; funding of foreign operations and subsidiaries; holding intellectual property rights and conducting research and development in Australia versus abroad; and Australia’s arm’s length rules.
27
Sylos Labini, Stefania. "Editorial: Challenging issues in risk governance and control." Risk Governance and Control: Financial Markets and Institutions 9, no. 4 (2020): 4–6. http://dx.doi.org/10.22495/rgcv9i4_editorial.
Full textAbstract:
The leitmotif of this fourth issue of the journal seems to revolve around the role of finance in the current context of climate change. Concerns about the disastrous effects of climate change affect many areas. The rapidity of climate change requires urgent action from governments, industries and businesses to build more resilient communities and reduce the impact of disasters. The most recent example is the disaster that is affecting Australia, with fires fueled by record temperatures and entrenched drought conditions. Coordinated national action is critical for managing the impacts of this phenomenon. Although the most immediate financial impact of catastrophic events regards the insurance sector, the whole world of finance is affected by these phenomena. In this context, areas of growing interest for scholars at the international level are sustainable finance, corporate social responsibility and insurance.
28
Kelly, J. E., J. C. Quinn, P. Loukopoulos, J. C. Broster, K. Behrendt, and L. A. Weston. "Seed contamination in sheep: new investigations into an old problem." Animal Production Science 58, no. 8 (2018): 1538. http://dx.doi.org/10.1071/an17771.
Full textAbstract:
Seed contamination significantly affects production capacity and animal welfare in Australian sheep flocks and causes considerable financial loss to producers and processors across sheepmeat value chains. Seven grass-weed species contribute to seed contamination in Australia, with barley grass (Hordeum spp.) identified as a key perpetrator. Herbicide resistance and variable dormancy emerging in southern Australian barley grass populations are thought to enhance its capacity for successful pasture invasion, further exacerbating the potential for seed contamination in sheep. The present article reviews the current literature regarding the impact and incidence of seed contamination on sheepmeat production, with particular reference to key grass-weed species prevalence across Australia. Data are presented on a recent incidence of carcass contamination across years, where incidence varied between 11% and 80% from 2009 to 2013, contracting to between 2% and 60% during 2014 and 2015. Key areas requiring future research are defined. Understanding the biology of key grass weeds, historical influences and economic consequences associated with seed contamination in sheep may assist in defining future risks to sheep production and improve weed management. Furthermore, examining more recent data describing the current status of seed contamination across Australia and the associations with causal weed species may aid the development of critical weed-management strategies in highly infested regions, subsequently limiting the extent of future seed contamination.
29
Stanger, Anthony, Bet Roffey, David Forsaith, Elspeth McInnes, Franca Petrone, Chris Symes, and Maria Xydias. "Gender Differences in Small Business Owner-Managers." International Journal of Entrepreneurship and Innovation 3, no. 2 (May 2002): 93–107. http://dx.doi.org/10.5367/000000002101299097.
Full textAbstract:
Based on the findings of a literature review of over 425 articles and reports on women in small business commissioned by the Department of Industry, Science and Tourism in Australia, factors that have a gender-specific impact on women in small business are identified. These factors include age, education and experience; motivations, values and risk-taking; business and financial planning; financing; training and business assistance needs; networks and mentoring; and legal issues. Suggestions are made on how the help and advice of accountants and other assistance providers may be influenced by these gender differences.
30
Masár, Matej, Mária Hudáková, Tomáš Melkovič, and Petr Šuleř. "GLOBAL SURVEY OF CURRENT BARRIERS TO PROJECT RISK MANAGEMENT AND THEIR IMPACT ON PROJECTS." Journal of Business Economics and Management 23, no. 5 (November 8, 2022): 1194–210. http://dx.doi.org/10.3846/jbem.2022.17784.
Full textAbstract:
The main goal of this contribution is to assess and evaluate the degree to which project risk management is currently applied in companies at the global level based on empirical research. More specifically, it aims to assess the degree to which project risk management is applied during the initiation and planning phases of projects. In 2019, global empirical research was carried out in 31 countries in Europe, Africa, Australia, Asia, and America. In total, 1,143 project managers participated. The research was conducted on the basis of an online questionnaire survey. For the quantitative data analysis, mathematical and statistical data assessment tests were used to process the obtained data. Although the results reveal an increasing interest among top managers in the application of project risk management, they also show that project managers do not apply risk management to every project. The results of this contribution are applicable to managers and project managers in enterprises around the world, especially in European countries. Results highlighted the importance of project risk management and enhancing its application. In this way, managers can potentially reduce the time and financial losses that may affect the successful project realization.
31
Kiraly, Meredith, and Cathy Humphreys. "The Changing Face of Out-of-home Care in Australia – Developing Policy and Practice for the 21st Century." Children Australia 42, no. 4 (November 6, 2017): 230–32. http://dx.doi.org/10.1017/cha.2017.38.
Full textAbstract:
This Opinion Piece traces the rise of statutory kinship care in Australia from the progressive reduction of residential care and the struggle to recruit sufficient foster carers to meet demand for protective care. It outlines identified benefits of kinship care for children and flags concern about the early stage of development of kinship care policy, programs and data systems. It is argued that there are significant risks for children's safety and well-being in failing to assess carers thoroughly and to provide equitable case management and support (both financial and non-financial) to children in kinship care as in foster care.
32
Almasri, Bisan. "The role of enterprise risk management on disclosure transparency in the international financial reporting standards period." Accounting 7, no. 6 (2021): 1241–50. http://dx.doi.org/10.5267/j.ac.2021.4.016.
Full textAbstract:
This research empirically investigates the role of the enterprise risk management system implementation level in capturing firm managerial incentives. The system plays an important role in understanding the association between international financial reporting standards and the capital market. Listed firms in the Australian market were used for the period 2000-2010 for this purpose. The study results imply that implementing higher levels of ERM by Australian firms during the mandatory IFRS adoption period does not capture firm incentives in IFRS period. Consequently, these results suggest that the implementation of ERM by Australian firms does not reduce the contractual costs between investors and management, whilst adopting IFRS does. Future research may use other techniques and/or strategies other than ERM, to capture the firm incentives, and as a result, may have economic consequences.
33
SETTERLUND, DEBORAH, CHERYL TILSE, JILL WILSON, ANNE-LOUISE MCCAWLEY, and LINDA ROSENMAN. "Understanding financial elder abuse in families: the potential of routine activities theory." Ageing and Society 27, no. 4 (June 18, 2007): 599–614. http://dx.doi.org/10.1017/s0144686x07006009.
Full textAbstract:
ABSTRACTThe aim of this paper is to stimulate theoretical thought about financial elder abuse within families, by exploring the potential of ‘routine activities theory’ for raising our understanding of, and response to, its occurrences. Research into financial elder abuse, defined as the illegal or improper use of a person's finances or property by another person, has tended to emphasise the abusive event and the associated risk factors. ‘Routine activities theory’, in contrast, directs attention more to developing prevention strategies that focus on everyday activities and hence seek to reduce the opportunities for illegal activity. The authors' research programme on the broad topic of money management and older people in Australia has conceptualised financial elder abuse as one possible outcome of the family management of older people's assets. This paper reports an application of routine activities theory to in-depth data of the asset-management practices and experiences of 81 family members who were assisting 86 older people. The paper concludes that the theory contributes to our understanding of how and why financial abuse occurs in families. It makes clear the distorting influence of a sense of entitlement and the preventive importance of both capable guardians, to oversee family-asset management and be alert to mismanagement, and the need for improved financial awareness, skills and probity in the community in connection with this common task of assisting older people to manage their financial assets.
34
Higgins, Vaughan. "Calculating climate: ‘advanced liberalism’ and the governing of risk in Australian drought policy." Journal of Sociology 37, no. 3 (September 2001): 299–316. http://dx.doi.org/10.1177/144078301128756355.
Full textAbstract:
For most of last century, governments in Australia treated drought as a ‘natural disaster’, an event that could best be dealt with through public forms of financial assistance. However, following a Review of Natural Disaster Relief Arrangements in 1990, the official definition of drought was changed to a ‘manageable risk’ that farmers were seen to be able to predict and control through formal business planning techniques. Through the use of the literature on governmentality, this article argues that such a shift was of crucial significance in changing the rationalities and technologies of drought management. Farmers were, from this point, constituted as key agents in the management of risk. However, the article argues also that drought as a natural disaster was not completely abandoned and continues to remain important in defining the limits of drought as a managed risk, and in calling into question the capacities of farmers to plan for so-called exceptional events. This contestation of managed risk shows one of the ways in which advanced liberal forms of rule can be shaped in a ‘social’ manner.
35
Rolfe, John, Megan Star, and Adam Curcio. "Can extension programs improve grazing management in rangelands: a case study in Australia." Rangeland Journal 42, no. 6 (2020): 447. http://dx.doi.org/10.1071/rj20098.
Full textAbstract:
A key challenge in reducing sediment moving from grazing lands into the Great Barrier Reef in Australia is to encourage beef cattle producers to improve management practices. Excessive grazing pressures cause land degradation, leading to both increased sediment runoff and lower future profits. Although higher grazing rates may be possible (and profitable) in better seasons, slow rates of adjustment to poorer seasons can lead to overgrazing and negative impacts on land condition. For policymakers the challenge is to find mechanisms that encourage or signal producers to be more precise in their management and avoid overstocking. Some of the most common options include extension programs, grant programs that use financial incentives, and regulation. In this paper we outline a conceptual framework that shows why extension may be a more powerful driver of management change than incentive programs, and then test this through an evaluation of a case study program conducted with beef cattle producers in catchments of the Great Barrier Reef, Australia. The pathway involving landholders to implement management change was through improved efficiency and productivity, as these are the issues that drive ongoing participation in broader environmental programs. The results present multiple lines of evidence to infer positive outcomes of an extension program in terms of changed management practices, which may be expected to generate improved productivity and better water quality outcomes. These can be grouped into three key areas. First, outcomes show positive improvement relative to the Grazing Water Quality Risk framework for the Great Barrier Reef catchments, which is designed to assess the links between land management and water quality. This indicates that resource condition is likely to improve and sediment emissions should be reduced over time. A second outcome is increased landholder engagement and improved understanding of their business and engagement in future programs, which should underpin ongoing adoption. A third outcome is improved management of risk and developing the skills to do this through data collection and monitoring, which should improve management responses in drought years.
36
White, D. H., and J. J. Walcott. "The role of seasonal indices in monitoring and assessing agricultural and other droughts: a review." Crop and Pasture Science 60, no. 7 (2009): 599. http://dx.doi.org/10.1071/cp08378.
Full textAbstract:
Indices for monitoring climate variability and the impacts of drought have long been used as the basis for planning and assessing the need for domestic and international aid to affected populations. Associated with this has been ongoing debate as to which indices are the most reliable and appropriate to aid decisions by government and private agencies on when and where to provide financial assistance. The simplest indices measure meteorological drought, the effects of which are measured in terms of agricultural, hydrological, and socioeconomic drought. Even though lack of rain is the primary cause of agricultural drought, rainfall data alone are frequently insufficient to assess the effect of drought on agricultural productivity. In this study we consider a range of seasonal indices in terms of how they relate to the impact of drought on rural Australia. This includes reviewing available and prospective indices that could aid government decision makers, in terms of when and where to intervene, in developing and implementing their policies. Clear and consistent policy helps agricultural managers to determine their production and financial targets and strategies, how much physical and financial risk they and their farms will be exposed to, and even whether they should continue to remain in farming. The significance of policy in considering triggers for government intervention is that it alters the level of risk that farmers are exposed to, which in turn influences the management strategies and tactics that farmers are likely to adopt. Minimising the risk to the biophysical resource base of every farm is also of paramount importance. We conclude that indices may provide effective summaries of droughts provided the purpose is clearly and precisely defined: in terms of activity, location and timing. However, given the important role of context in evidence-based decision-making, which in this case covers a range of industries, management systems, types of droughts, and seasons across Australia, it is likely that no single index could be effective for widespread, general usage in monitoring climate variability.
37
Beck, Cornelia, Geoffrey Frost, and Stewart Jones. "CSR disclosure and financial performance revisited: A cross-country analysis." Australian Journal of Management 43, no. 4 (June 25, 2018): 517–37. http://dx.doi.org/10.1177/0312896218771438.
Full textAbstract:
The relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) has been the subject of intensive research. However, limitations with this literature include the use of localised samples, poorly specified control variables and self-constructed CSR disclosure measures that may not represent a firm’s actual CSR performance. Answering the call for ‘better’ CSR research in this field, as well as extending research to a cross-country analysis, this study examines the relationship between corporate CSR engagement (measured by diversity in voluntary disclosure practices) and financial performance across three reporting jurisdictions: Australia, Hong Kong and the United Kingdom. We use the Global Reporting Initiative (GRI) framework to rate companies on their CSR engagement and control for actual CSR performance using the Vigeo-Eiris CSR sustainability ratings as the proxy measure. Based on a sample of 116 large public companies, we find evidence that CSR engagement can be indicative of actual CSR performance. We also find evidence of a significant relationship between CSR engagement and financial performance, even after controlling for the CSR performance proxy, firm size, industry-level fixed effects, financial risk and type of assurer. The results appear to be robust across national reporting jurisdictions and alternative CSR metrics constructed from the CSR engagement measure. JEL classification: M41, M14
38
Doloi, Hemanta. "UNDERSTANDING IMPACTS OF TIME AND COST RELATED CONSTRUCTION RISKS ON OPERATIONAL PERFORMANCE OF PPP PROJECTS." International Journal of Strategic Property Management 16, no. 3 (October 2, 2012): 316–37. http://dx.doi.org/10.3846/1648715x.2012.688774.
Full textAbstract:
The risk attributes in construction project is one of the widely published topics, yet there is no or little investigation whether or not risks associated with construction phase propagate over operational phase. As operation phase of the PPP projects is significantly long compared to the construction phase, understanding the impact of time and cost related construction risks over operation phase is quite important. In this research, risk attributes associated with the PPP procurement method have been identified across three dimensions, time, cost and operational performance. A questionnaire survey was used for collecting data in seven major PPP projects in Australia. Based on standard statistical methods and factor analysis, a number of key risk factors influencing time, cost and operational performance have been extracted. The research revealed that site conditions and design complexity is one of the most critical risk attribute influencing time performance in projects. Similarly, market dynamics is the most critical attribute influencing both construction cost and operational performance in PPP projects. Based on regression modeling, partner's dispute was found to be a good determinant of time and cost performance. Technical obsolescence has significant impacts on the operational performance of PPP projects. It was revealed that the design complexity, financial structure and government policy are the three main common factors affecting risks across time, cost and operational performance in PPP projects. It is anticipated that the findings will impact the construction firms for improving the front-end risk management capability for efficient positioning within the competitive business environment.
39
McGilchrist, P., J. L. Perovic, G. E. Gardner, D. W. Pethick, and C. G. Jose. "The incidence of dark cutting in southern Australian beef production systems fluctuates between months." Animal Production Science 54, no. 10 (2014): 1765. http://dx.doi.org/10.1071/an14356.
Full textAbstract:
Dark cutting is detrimental to meat quality and therefore is the major cause of carcass downgrades under the Meat Standards Australia grading system. This study quantified the variation between months in the incidence of dark cutting, in southern Australia. Four years of Meat Standards Australia grading data, from nine individual beef processors in Western Australia, South Australia, Victoria and Tasmania, was utilised for the analysis. The dataset contained 42 162 slaughter groups, of 10 or more grass-fed cattle, which allowed for the percentage of dark cutters per slaughter group to be analysed. The interaction between month, year and state was significant (P < 0.001). The lowest risk of dark cutting for South Australia and Western Australia was in October (1.53% ± 0.75 and 6.96% ± 0.76) and November in Tasmania and Victoria (7.34% ± 0.9 and 5.27% ± 0.81) potentially when feed availability and quality is highest. The incidence of dark cutting was highest for all states during the period from February to June. Lower pasture availability and quality in combination with higher levels of stress due to extreme high or low temperatures during this time could all contribute to the higher incidences. The findings of this study show that procurement and management decisions made by cattle buyers, producers and processors need to change throughout the year to help mitigate the incidence of dark cutting carcasses and reduce financial loss.
40
Ghafoor, Soheila, Salman Shooshtarian, Tayyab Maqsood, and Peter SP Wong. "Assessment of Public Opposition to Construction and Demolition Waste Facilities: A Case Study in Australia." Recycling 7, no. 5 (August 26, 2022): 62. http://dx.doi.org/10.3390/recycling7050062.
Full textAbstract:
The purpose of this paper is to investigate the nature of public opposition (PO) to the siting of construction and demolition (C&D) waste management facilities in Australia. A qualitative case study of PO to the development proposal for the Gunnedah waste facility, in the state of New South Wales (NSW), was conducted. The waste facility is promised to process up to 250 kilotons of waste materials, much of which is C&D waste intended for use in road constructions after processing. Using a content analysis approach, the study analysed 86 public submissions that were lodged within the allocated development application exhibition period to systematically analyse the arguments used by the submitters about the establishment of the facility. The case study revealed five broad perceived risk classes to the siting of the Gunnedah waste facility, namely location, environmental, human health, financial and process risks. It was also shown that while not-in-my-back-yard (NIMBY) attitudes may have played a part in the PO to the sitting at the facility, the PO was heavily affected by the poor public participation process. The study outlines key strategies for an effective public participation process that may assist with the management of PO to the siting of C&D waste management facilities in Australia. The study contributes to the theory and practice of effective C&D waste management, enhancing the social acceptance of such facilities toward a more circular economy in the built environment.
41
Ibrahim, Maan Nihad, David Thorpe, and Muhammad Nateque Mahmood. "Risk factors affecting the ability for earned value management to accurately assess the performance of infrastructure projects in Australia." Construction Innovation 19, no. 4 (October 7, 2019): 550–69. http://dx.doi.org/10.1108/ci-07-2018-0058.
Full textAbstract:
Purpose The purpose of this paper is to investigate a set of risk-related factors influencing the earned value management (EVM) concept as an assessment technique in evaluating the progress of modern sustainable infrastructure construction projects. Design/methodology/approach A qualitative research approach has been adopted for identifying risk-related factors influencing EVM concept from a literature review and through interviewing industry personnel, followed by an inductive process to form sets of key factors and their measuring items. Findings EVM is a common method for assessing project performance. A weakness of this approach is that EVM assessment in its current form does not measure the impact of a number of project performance factors that result from the complexity of modern infrastructure construction projects, and thus does not accurately assess their impact in this performance. This paper discusses and explains a range of potential risk factors to evaluating project performance such as sustainability, stakeholder requirements, communication, procurement strategy, weather, experience of staff, site condition, design issues, financial risk, subcontractor, government requirements and material. In addition, their measuring items were identified. Practical implications This research assists projects managers to improve the evaluation process of infrastructure construction performance by incorporating a range of factors likely to impact on that performance and which are not included in current EVM calculations. Originality/value This research addresses the need to include in the EVM calculation a range of risk factors affecting the performance of infrastructure projects in Australia and therefore makes this calculation a more reliable tool for assessing project performance.
42
Davis, Adam. "Crystal balls and current affairs: the financial challenge of a changing climate to the oil and gas industry." APPEA Journal 55, no. 2 (2015): 490. http://dx.doi.org/10.1071/aj14125.
Full textAbstract:
Despite debate, the fact remains that the climate is changing. When considering the factors that determine potential financial impacts and losses that upstream oil and gas business could suffer due to a changing climate, the issues may primarily appear to be related to weather and geography. On closer examination, the factors that determine the severity of the impacts and losses are largely determined by the design and interdependencies of the financial and economic mechanisms of risk management. There is an increasing consensus in the insurance industry that the challenge presented by climate change, along with the increasing power of climate models, will result in far-reaching changes to the presently accepted practices of risk transfer. This extended abstract describes the increased power of climate models and the improved understanding of the present levels of under-adaptation when viewed from the position of investors in large-scale and long-lived oil and gas assets in Australia. It then looks at risk transfer models and examines potential limitations that have been identified due to the focus on ad-hoc post-disaster recovery when compared to a cost-effective pre-disaster resilience approach. The extended abstract then discusses how changes in the risk transfer approach could affect the financial aspects of an oil and gas business, such as the cost of borrowing, self-insurance, capital allocation and planning.
43
Bian, Chao, Christopher Gan, Zhaohua Li, and Baiding Hu. "CEO pay-risk sensitivity, firm policies, and 2009 Australian tax reforms." International Journal of Managerial Finance 14, no. 1 (February 5, 2018): 54–77. http://dx.doi.org/10.1108/ijmf-05-2016-0103.
Full textAbstract:
Purpose The purpose of this paper is to examine the effects of chief executive officer (CEO) vega on firm policies in the Australian share market based on a panel data set drawn from the 137 Australian public firms for the period 2003-2012. Design/methodology/approach To allow mutual causation between our variables, the authors use the two-stage least squares estimation method, controlling for firm fixed effects. The authors use the difference-in-differences model to test whether the 2009 Australian tax reforms may discourage high-vega CEOs to take value-enhancing risks. Findings The authors find the evidence that vega induces CEOs to adopt the riskier financial policy in the Australian capital market. This evidence is further supported by the negative association between vega and firm conservative activities including cash and hedging policies. Further, the result shows that the 2009 tax reforms reduce the CEOs’ willingness to engage in risky financial policy. This finding implies that regulators may restore the 2009 reforms’ “deferred tax point” back to its pre-2009 form. Originality/value Based on the study’s results, firms should grant CEOs more out-of-the money options with a longer time to expiration to offset the 2009 tax reforms’ negative impact on the CEO’s incentive to take value-enhancing risks.
44
Sinha, Paresha N., Kerr Inkson, and James R. Barker. "Committed to a Failing Strategy: Celebrity CEO, Intermediaries, Media and Stakeholders in a Co-created Drama." Organization Studies 33, no. 2 (February 2012): 223–45. http://dx.doi.org/10.1177/0170840611430591.
Full textAbstract:
The apparent status of having a “celebrity CEO” heading a large organization creates a strong impression that the organization will be successful and forms an almost irresistible force compelling stakeholder commitment. However, a newly appointed celebrity CEO and the celebrity’s co-creators run the risk of becoming over-confident, over-optimistic and over-committed to what may be a failing strategy. We explore a case in which this risk became reality. We use a dramaturgical perspective to analyse Air New Zealand’s failed acquisition of Ansett Australia in 2001 and describe how the CEO, financial intermediaries, media and stakeholders co-created an unfolding drama marked by the CEO escalating the firm’s commitment to the failing acquisition as a way of maintaining an illusion of control, which helped preserve the CEO’s celebrity identity. We consider the implications for the various types of stakeholders in organizations and for the study of organizational leadership.
45
Bryan, Dick, Michael Rafferty, Phillip Toner, and Sally Wright. "Financialisation and labour in the Australian commercial construction industry." Economic and Labour Relations Review 28, no. 4 (November 14, 2017): 500–518. http://dx.doi.org/10.1177/1035304617739504.
Full textAbstract:
Financialisation and financial risk have become current buzzwords, but the connections between finance and labour are not well developed. Often labour is cast simply as the distributional victim of developments like shareholder value, the privatisation of public infrastructure and labour market reform. This article engages developments in the construction industry and locates a growing financial logic inside ‘production’ and work in that sector. Through the concepts of liquidity and risk, we identify causal connections, not just parallels, between financial innovation and the reorganisation of the logic and structure of work in the Australian construction and property services industry.
46
Cawrse, Scott, Dominic Pepicelli, Nick Panagopoulos, Piotr Sapa, and Daniel Broadbridge. "Are bonds the answer to managing environmental liabilities?" APPEA Journal 61, no. 1 (2021): 1. http://dx.doi.org/10.1071/aj20135.
Full textAbstract:
Traditionally the requirement for meeting environmental liability obligations for regulated activities has focused on financial security. A single or blanket bond covering many licenses of an operator is often used to cover a state’s financial exposure to the environmental liabilities from disclaimed licenses in the event of operator insolvency. Less attention has been given to changes in regulated activities, operator risk and market changes, and management of wells over the life cycle. The Department for Energy and Mining (DEM) in South Australia has revised its policy for managing the environmental liabilities from petroleum and geothermal activities to be more holistic, risk and evidence based. Operators are now required to account for the status of all licensed activities in annual reporting, or for any change in ownership. Wells and infrastructure that have not been in production for over 24 months require an assessment based on prescribed future use criteria. If a future use can be demonstrated with sufficient evidence, the activity is categorised as ‘inactive’. Inactive wells are subject to an annual fee that finances the rehabilitation of legacy wells that may become orphan. If no future use is established, the activity is categorised as ‘expired’, and a rehabilitation plan of a minimum number of wells, or equivalent expenditure on infrastructure rehabilitation, is required. DEM also review the inventory of licensed activities and financial capacity of operators to meet environmental rehabilitation obligations to determine the amount of financial security required. This approach allows for risk-based financial security commensurate with regulated activities.
47
Bentley, P. D., and T. D. Penman. "Is there an inherent conflict in managing fire for people and conservation?" International Journal of Wildland Fire 26, no. 6 (2017): 455. http://dx.doi.org/10.1071/wf16150.
Full textAbstract:
Wildfires are a natural disturbance in many ecosystems, creating challenges for land management agencies who need to simultaneously reduce risk to people and maintain ecological values. Here we use the PHOENIX RapidFire fire behaviour simulator to compare fuel treatment strategies that meet the twin objectives of reducing wildfire risk to human settlements and a fire sensitive endangered species, the koala (Phascolarctos cinereus) in south-eastern Australia. The local koala population is in decline and a conservation management plan is being prepared to exclude wildfire for a 10-year period to assist with population recovery. Twelve scenarios developed by the land management agencies were compared using four indicators: wildfire size; burn probability; impact from exposure to fire; and treatment cost. Compared with the current risk setting, three treatment scenarios were found to reduce wildfire size and burn probability concurrently to both people and koalas. These strategies worked by increasing the landscape area treated, which came with increased financial cost. However, the impact from exposure to fire for both property and koala habitat remains high. Additional complementary strategies beyond landscape fuel reductions are needed to reduce impact from exposure in the event of a wildfire.
48
Poynton, D. J. "BEATING THE ODDS AT CASINO!—A SMALL AUSTRALIAN’S EXAMPLE OF RISK MANAGEMENT." APPEA Journal 43, no. 1 (2003): 85. http://dx.doi.org/10.1071/aj02004.
Full textAbstract:
Strike Oil was a very small unlisted Australian company with a capitalisation of less than A$10 million when it decided to bid for block V98-4 (now VIC/P44) in the offshore Otway Basin in early 1999.Block V98-4 met Strike Oil’s gas strategy of pursuing opportunities in basins close to infrastructure and markets in the eastern states of Australia.Prior to making the bid Strike Oil identified the geological, financial and operational risks associated with exploring the permit, especially with regard to conducting a 3D seismic survey in the environmentally sensitive and sometimes hostile Bass Strait. This led to the implementation of, and adherence to, a comprehensive risk management plan.The geological risks were addressed by acquiring 3D seismic and conducting an analysis of the amplitudes and AVO responses associated with nearby gas discoveries and dry holes.Management of the financial risk centred firstly around not overbidding and secondly finding a farmee who could add value to the permit during both the exploration and exploitation phases.The operational risks were all associated with conducting the Casino 3D seismic survey. Local environmental considerations, particularly in relation to migratory whale species and the seasonal activities of local fishermen, meant there was only a six weeks’ time window available for unhindered operations. This window also coincided with the spring gale season, when weather conditions can stop marine operations.The use of experienced personnel, early stakeholder consultation, and the use of contingency plans, enabled Strike Oil to achieve its objectives under adverse conditions. The Casino 3D seismic survey, despite the odds, was completed on time, under budget, and with less than 7% infill, while still delivering high quality data.The farmout, the acquisition and processing of the 3D seismic data, and the discovery and appraisal of the Casino gas field were all achieved within 14 months.
49
Mokany, Karel, Andrew D. Moore, Phillip Graham, and Richard J. Simpson. "Optimal management of fertiliser and stocking rate in temperate grazing systems." Animal Production Science 50, no. 1 (2010): 6. http://dx.doi.org/10.1071/an09067.
Full textAbstract:
Phosphorus (P) fertilisers are one of the key tools available for increasing pasture production and the profitability of grazing enterprises. However, recent rapid changes in fertiliser price have increased the importance of developing optimal management strategies for applying P fertiliser and setting stocking rates. We applied a novel combination of process-based grazing systems modelling and randomised cash flow analyses to examine how changes in fertiliser price affect optimal fertiliser application rates and stocking rates for sheep grazing systems in south-eastern Australia, simultaneously taking into account long-term economic viability and environmental sustainability. We used ‘GrassGro’, a grazing systems decision support tool, to simulate three sheep enterprise types (Merino wethers, Merino ewes, crossbred ewes) at two locations (Hamilton, Victoria; Bookham, New South Wales). Gross margins from each year simulated in GrassGro (1966–2007) were randomised 500 times and input to a cash flow analysis that identified the financially optimal stocking rate for a range of fertiliser applications and the financial risk frontiers (combinations of stocking rate and fertiliser input for which the enterprise becomes financially unviable). For all enterprises examined at both locations, the optimal combinations of stocking rate and fertiliser application rate did not vary markedly as fertiliser price changed. Regardless of enterprise type or location, the fertiliser application rate at which the highest gross margins were achieved provided the greatest range of stocking rates that were both financially viable and environmentally sustainable. Increases in fertiliser price reduced the combinations of stocking rate and fertiliser application rate that were viable in the long term, emphasising the importance of well informed grazing management decisions.
50
Storey, Heather M., Jemma Austin, Natalie L. Davies-White, David G. Ransley, and Peter D. Hodkinson. "Navigating Pregnancy for Employees in Civilian Rotary-Wing Aeromedicine." Aerospace Medicine and Human Performance 93, no. 12 (December 1, 2022): 866–76. http://dx.doi.org/10.3357/amhp.6115.2022.
Full textAbstract:
INTRODUCTION: Women of child-bearing age make up an ever-increasing element of the aeromedical workforce in Australia and the UK. However, policy relating to the management of risk for pregnant employees in this sector is often missing or inadequate, with many women facing detrimental impacts on their career progression and financial well-being. For women who choose to continue flying, there is a lack of transparent guidance about the risks of flying within a helicopter in an aeromedical role. While grounding pregnant employees removes some risks, it is at the cost of autonomy and brings other adverse effects for the employee and employer. Updated reflections on this important topic will empower the audience to make informed discussions around pregnancy in aeromedical roles.TOPIC: Applying principles from literature surrounding commercial, military, and medical aviation, the risks to pregnant employees and the fetus are reviewed. These risks are complex and dynamic depending on gestation and underlying medical problems; thus, individualization of risk management is of key importance. In low-risk pregnancies, incapacitation risk is below the usual threshold adopted for safety-sensitive aviation activities. Based on available evidence we have quantified risks where possible and provide guidance on the relevant factors to consider in creating a holistic risk-management framework. The greatest unknown surrounds the risk from vibration, noise, and winching. These are reviewed and suggestions given for discussing this risk. We also highlight the need for policy providing acceptable nonflying options to remove the pressure to continue flying in pregnancy.APPLICATION: Based on a literature review we have generated a framework for understanding and assessing risk relating to pregnant employees in the aeromedical sector. This is intended for use by aeromedical organizations, pregnant employees, and their treating medical practitioners to provide rational and sensible policy and guidance.Storey HM, Austin J, Davies-White NL, Ransley DG, Hodkinson PD. Navigating pregnancy for employees in civilian rotary-wing aeromedicine. Aerosp Med Hum Perform. 2022; 93(12):866–876.