Teses / dissertações: "Australian companies"

1

Coffey, Josephine Margaret. "Continuous Disclosure for Australian Listed Companies". Thesis, The University of Sydney, 2002. http://hdl.handle.net/2123/510.

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ABSTRACT This thesis investigates the legal and theoretical basis of continuous disclosure regulation in Australia as it applies to listed companies. An empirical study is undertaken to further investigate the operation of the legislation. As part of the Enhanced Disclosure regime, the continuous disclosure provision was effective from 5 September 1994 as s1001A of the Corporations Law, now the Corporations Act 2001 (Cth). This statutory provision is replaced by s674, inserted by Schedule 2 to the Financial Services Reform Act 2001 (Cth), and effective from 11 March 2002. The provision reinforces Australian Stock Exchange (ASX) listing rule 3.1. The rule requires a listed disclosing entity to notify ASX immediately of information that would be expected to have a �material effect� on the share price of the company. However, the disclosure requirement is weakened by a number of specific exemptions or �carve-outs� to listing rule 3.1. If a reasonable person would not expect the information to be disclosed, and if the confidentiality of the information is maintained, then disclosure is not mandatory in special circumstances. This study analyses 427 query notices, issued by ASX to listed companies from July 1995 to April 1996. The queries request information concerning unexplained movements in a company�s share price or a failure to comply with the listing rules. An analysis of the companies� replies to these notices provides a profile of the type of company that is likely to be queried. The study also attempts to evaluate the extent to which these companies have relied on the �carve-outs� as an exemption to the regulation.

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2

Coffey, Josephine Margaret. "Continuous Disclosure for Australian Listed Companies". University of Sydney. School of Business, 2002. http://hdl.handle.net/2123/510.

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ABSTRACT This thesis investigates the legal and theoretical basis of continuous disclosure regulation in Australia as it applies to listed companies. An empirical study is undertaken to further investigate the operation of the legislation. As part of the Enhanced Disclosure regime, the continuous disclosure provision was effective from 5 September 1994 as s1001A of the Corporations Law, now the Corporations Act 2001 (Cth). This statutory provision is replaced by s674, inserted by Schedule 2 to the Financial Services Reform Act 2001 (Cth), and effective from 11 March 2002. The provision reinforces Australian Stock Exchange (ASX) listing rule 3.1. The rule requires a listed disclosing entity to notify ASX immediately of information that would be expected to have a �material effect� on the share price of the company. However, the disclosure requirement is weakened by a number of specific exemptions or �carve-outs� to listing rule 3.1. If a reasonable person would not expect the information to be disclosed, and if the confidentiality of the information is maintained, then disclosure is not mandatory in special circumstances. This study analyses 427 query notices, issued by ASX to listed companies from July 1995 to April 1996. The queries request information concerning unexplained movements in a company�s share price or a failure to comply with the listing rules. An analysis of the companies� replies to these notices provides a profile of the type of company that is likely to be queried. The study also attempts to evaluate the extent to which these companies have relied on the �carve-outs� as an exemption to the regulation.

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3

Jens, Paul Justin, e paul jens@csl com au. "Valuation Models for Australian Biotechnology Companies". RMIT University. Economics, Finance and Marketing, 2007. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20080226.120515.

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Biotechnology generated solutions have been hailed as potential cures to many of the problems facing the world today. New therapeutics will eradicate disease, new agricultural products will solve food shortages, and industrial application will improve productivity with reduced environmental impact. Despite the much anticipated benefits of biotechnology, the industry faces significant challenges that must be overcome in the coming decades. Biotechnology is an inherently complex field with a high degree of uncertainty and associated risks. In addition to the risk associated with project development and delivery, businesses looking to extract an economic return from the provision of biotechnology products and services face significant financial risk. This is exacerbated by the long lead times in biotechnology product development and the expensive nature of research and development. This thesis looks investigates the multi faceted problem of biotechnology valuation in Australia using a multi method approach designed to provide greater insight into the valuation challenges facing the industry and identify key value drivers. The approach incorporates a broad qualitative investigation, complimented by more focused quantitative studies into specific valuation issues surrounding IPO and project valuation. Australian biotechnology firms face a significant challenge to raise sufficient capital in order to remain internationally competitive. The current industry structure and funding mechanisms encourage creation of small firms with narrow pipelines, exacerbating the risk of company failure and acting as an impediment to sustainability and, therefore, investment in the sector. Despite the challenges facing the Australian biotechnology industry, the nation possesses a competitive advantage in the strength of local science which, if fully leveraged, should see the development of an internationally competitive industry. Through improved funding mechanisms which encourage the creation of sustainable business models, increased investor participation in the industry should see a greater portion of the value generated through biotechnology retained by local participants. An IPO is likely the largest single capital raising in a company's history. A quantitative investigation into the factors influencing the amount of underpricing and money left on the table for Australian biotechnology IPOs found that the amount of money left on the table was more critical than the level of underpricing. Additionally the impact of market sentiment on biotechnology IPOs was investigated with increased media coverage found to be positively related to the amount of money left on the table. Using project valuation models, the drivers of value over the life of a typical biotechnology project were identified. Key drivers of biotechnology value are commercial viability, coupled with development cost and time. The ability of management to control these elements is crucial. Analysis of project valuations using a traditional DCF model found value estimates exhibited a greater level of uncertainty than those calculated using more contemporary methods of decision tree and real option analysis. Additionally, incorporation of management flexibility into valuation assessment using real options techniques increased the perceived value of biotechnology projects. The value of management flexibility was found to be most relevant for early stage projects where the option to abandon was found to greatly influence values.

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4

Hoffmann, Terrence Martin, e mikewood@deakin edu au. "Using competencies in human resource management: case studies in Australian companies". Deakin University, 1998. http://tux.lib.deakin.edu.au./adt-VDU/public/adt-VDU20050815.114903.

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This study investigated the use of competencies for human resource management in seven Australian companies. Despite advocacy for the use of competencies by Government Committees and Task Forces (For example Carmichael (1992), Mayer, (1992) and Karpin, 1995), and the existence of competency standards for eighty per cent of the Australian workforce, the competency approach has not been widely adopted. A review of the literature indicated that the term competency had several meanings with different implications for its use depending on the meaning. The study looked at how individuals have defined the term and applied the approach to human resource management practices. Interviews were conducted with Human Resource and Training managers, and operative staff in companies using competencies. How they defined the term, described the rationale for using competencies, and applied competencies to selection, training, performance appraisal and remuneration were determined. Case studies were written for each company to describe their particular application of competencies. Competencies were found to be defined in several ways by those interviewed. Some advantages of using competencies in human resource management applications were found. The amount of work involved in introducing the competency approach was described as a reason why competencies have not been more widely adopted.

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5

Wahyuningrum, Indah F. S. "Non-financial performance disclosure by Australian listed companies". Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2017. https://ro.ecu.edu.au/theses/1983.

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This study examines the non-financial performance disclosure practices of 200 of the largest ASX-listed companies. It uses content analysis to investigate the relationships between company financial performance and company characteristics, and the extent of non-financial performance disclosure, in terms of quantity and quality, in annual and sustainability reports from 2014. This study developed a new scoring index based on Balanced Scorecard (BSC) principles and Environmental, Social and Governance (ESG) performance, to evaluate the extent of the companies’ sustainability disclosures. The new scoring index, named the Non-Financial Performance Disclosure (NFPD) Index, measures companies’ performances and their ESG frameworks. The index consists of six perspectives: customer, internal business process, learning and growth, environmental, social, and governance. The study used the index as a benchmark or disclosure checklist to collect data from companies’ annual and sustainability reports. A pilot study was undertaken to test the NFPD Index before employing it in the main study. The content analysis outcomes show that the overall average level of non-financial performance disclosure, in terms of quantity, is 36.9%. Among the six disclosure perspectives, governance is the most commonly-reported (51.20%), followed by internal business process (40.27%), customer (38.00%), environmental (36.59%), learning and growth (25.69%), and social (30.67%). Meanwhile, in terms of quality, the overall average level of non-financial performance disclosure is 53.33%. The governance perspective is still the most commonly-disclosed (64.44%), followed by internal business process (60.43%), customer (58.72%), environmental (52.43%), learning and growth (48.20%), and social (30.67%). These results indicate that companies disclose more information from a governance perspective in their annual and sustainability reports than from any other perspective, in terms of both quantity and quality. The study found positive associations between company financial performance (return on assets, return on equity, and earnings per share), company characteristics (company type, company size, and company age), auditing firm, and the extent of non-financial performance disclosure. All but one of the hypotheses in this study have been accepted. More specifically, the statistical analysis indicates that return on equity, earnings per share, company type, company size, company age, and auditing firm positively influence the quantity and quality of non-financial performance disclosure. However, the results showed no relationship between return on assets and non-financial performance disclosure in terms of either quantity or quality. Stakeholder and legitimacy theories were used in this study, to clarify specific areas of corporate social responsibility practices in Australia. Overall, by using the six perspectives of non-financial performance disclosure to study the 200 largest companies in Australia, this research has contributed new information to corporate social disclosure studies focused on non-financial performance disclosure, which should motivate companies to produce and disclose annual and sustainability reports that are more comprehensive and highly credible.

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6

Weier, Annette 1960. "Demutualisation in the Australian life insurance industry". Monash University, Dept. of Economics, 2000. http://arrow.monash.edu.au/hdl/1959.1/8371.

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7

Leong, Yen-Yen Ralph Renée. "Perceptions of Decision-Making in Western Australian Iron Ore Companies Dealing with Chinese Companies". Thesis, Curtin University, 2019. http://hdl.handle.net/20.500.11937/82070.

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Decision making in Western Australia’s iron ore companies dealing with Chinese companies is vital for long-term relationship. In-depth qualitative interviews with 31 participants at senior management and executive level provide “lived” insights and “multi-realities” of decision making. Significant differences exist in terms of decision frameworks: collective, individual and hierarchical. The data points to a guanxi concentric circles model and the nuances of contract. An Emergent Decision Making Model is proposed to improve decision making processes.

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8

Roberts, Roslyn Anne. "Goodwill Impairment: A study of Australian Companies 2007 - 2013". Thesis, The University of Sydney, 2015. http://hdl.handle.net/2123/13748.

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Abstract: This thesis explores the goodwill impairment practices of Australian companies from 2007 – 2013 to ascertain what impact, if any, that the Global Financial Crisis may have had on goodwill value. The thesis also examines determinants of goodwill and whether there is any evidence of earnings management associated with non-impairment of goodwill. The findings contained within this thesis would be useful to accounting practitioners, auditors, academics, policy makers and regulators to gain an understanding of how and why firms choose to impair. The thesis is presented in seven chapters. Chapter one provides an introduction to the outline of the thesis including justification for the research and its relationship to practice based outcomes. Chapter two provides a background to the current goodwill environment and then reviews the extant literature surrounding goodwill and impairment, including agency theory, earnings management and signaling theory. Chapter three provides a technical review of the accounting standards surrounding goodwill and impairment and considers conceptual incongruities within the standards related to internally generated goodwill. Chapter four provides a breakdown of the sample selection and goodwill impairment from 2007 – 2013 using a sample of 237 All Ordinaries listed companies and observes non impairment in 35% of the sampled companies. Chapter five examines potential determinants of goodwill impairment using step-wise regression and identifies a number of factors that increase the likelihood of impairment. Chapter six explores non impairment and finds evidence to support both earnings management and internally generated goodwill being subsumed into acquired goodwill. Chapter seven then concludes the thesis by summarising the findings and suggests potential areas of future research.

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9

Plastow, Kevin Patrick. "An analysis of the nature and effectiveness of corporate governance in smaller listed Australian companies". Thesis, Queensland University of Technology, 2011. https://eprints.qut.edu.au/44036/1/Kevin_Plastow_Thesis.pdf.

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The objective of this thesis is to investigate the corporate governance attributes of smaller listed Australian firms. This study is motivated by evidence that these firms are associated with more regulatory concerns, the introduction of ASX Corporate Governance Recommendations in 2004, and a paucity of research to guide regulators and stakeholders of smaller firms. While there is an extensive body of literature examining the effectiveness of corporate governance, the literature principally focuses on larger companies, resulting in a deficiency in the understanding of the nature and effectiveness of corporate governance in smaller firms. Based on a review of agency theory literature, a theoretical model is developed that posits that agency costs are mitigated by internal governance mechanisms and transparency. The model includes external governance factors but in many smaller firms these factors are potentially absent, increasing the reliance on the internal governance mechanisms of the firm. Based on the model, the observed greater regulatory intervention in smaller companies may be due to sub-optimal internal governance practices. Accordingly, this study addresses four broad research questions (RQs). First, what is the extent and nature of the ASX Recommendations that have been adopted by smaller firms (RQ1)? Second, what firm characteristics explain differences in the recommendations adopted by smaller listed firms (RQ2), and third, what firm characteristics explain changes in the governance of smaller firms over time (RQ3)? Fourth, how effective are the corporate governance attributes of smaller firms (RQ4)? Six hypotheses are developed to address the RQs. The first two hypotheses explore the extent and nature of corporate governance, while the remaining hypotheses evaluate its effectiveness. A time-series, cross-sectional approach is used to evaluate the effectiveness of governance. Three models, based on individual governance attributes, an index of six items derived from the literature, and an index based on the full list of ASX Recommendations, are developed and tested using a sample of 298 smaller firms with annual observations over a five-year period (2002-2006) before and after the introduction of the ASX Recommendations in 2004. With respect to (RQ1) the results reveal that the overall adoption of the recommendations increased from 66 per cent in 2004 to 74 per cent in 2006. Interestingly, the adoption rate for recommendations regarding the structure of the board and formation of committees is significantly lower than the rates for other categories of recommendations. With respect to (RQ2) the results reveal that variations in rates of adoption are explained by key firm differences including, firm size, profitability, board size, audit quality, and ownership dispersion, while the results for (RQ3) were inconclusive. With respect to (RQ4), the results provide support for the association between better governance and superior accounting-based performance. In particular, the results highlight the importance of the independence of both the board and audit committee chairs, and of greater accounting-based expertise on the audit committee. In contrast, while there is little evidence that a majority independent board is associated with superior outcomes, there is evidence linking board independence with adverse audit opinion outcomes. These results suggest that board and chair independence are substitutes; in the presence of an independent chair a majority independent board may be an unnecessary and costly investment for smaller firms. The findings make several important contributions. First, the findings contribute to the literature by providing evidence on the extent, nature and effectiveness of governance in smaller firms. The findings also contribute to the policy debate regarding future development of Australia’s corporate governance code. The findings regarding board and chair independence, and audit committee characteristics, suggest that policy-makers could consider providing additional guidance for smaller companies. In general, the findings offer support for the “if not, why not?” approach of the ASX, rather than a prescriptive rules-based approach.

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10

Egan, Victor. "Organisational form at the technical core of Australian engineering design companies". Thesis, Egan, Victor (2003) Organisational form at the technical core of Australian engineering design companies. PhD thesis, Murdoch University, 2003. https://researchrepository.murdoch.edu.au/id/eprint/52360/.

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The theory of the high-performance work system (HPWS) is a relatively recent development that is encompassed within the rubric of strategic human resource management (SHRM). The theory suggests that a company can achieve sustained competitive advantage provided HRM practices are employee focused, internally consistent, and dynamically aligned with corporate objectives and strategies. While the theory has been supported by considerable empirical evidence, the present research study identified a number of methodological biases in the HPWS research to date that appeared to contribute to systematic error, and support a generalised theory without recognition of contextually specific assumptions. The present study used a multilevel/ mixed methodology approach to explore HRM practices in five Australian engineering design companies (EDCs). Practical implementation was compared to idealised HRM practices determined a priori to fit the HPWS framework. The research found that implementation of HRM practices was minimal, rather than high-performing, and that human resources at the technical core were not a contributory factor to company performance. This finding would appear to be paradoxical to the opinion of mainstream HRM scholars, who profess human resources as a major asset of any company and a potential source of sustained competitive advantage. Indeed, the findings of this study revealed the major asset as not human resources per se, but rather, the corporate leaders, who were able to leverage substantial sector growth to the benefit of the companies. The research also demonstrated that firm growth and long-term survival can eventuate despite minimal, non-strategic HRM systems. In an external context characterised as hypo-competitive, market buoyancy and the quality of strategic decision-making at the corporate level overwhelm human resources at the technical core in contributory significance to company performance. This finding suggests that the long-held and much vaunted notion of the ‘resource-based view of firm growth’, rather than a generalisable truism, is spurious and context-bound.

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11

Kong, Gary S. "Social disclosure by Australian listed mineral mining companies: A stakeholder approach". Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 1996. https://ro.ecu.edu.au/theses/971.

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This study examines the incentives of Australian listed mineral mining companies within the stakeholder theoretical framework to disclose socially responsible information in their corporate annual report. The three dimensions of the stakeholder theory were empirically tested to explain the association of a social disclosure model comprising categories of social disclosure for environment, energy, product and services, human resources and community involvement, with nine firm-specific characteristics. The sample of 179 Australian listed mineral mining companies for the financial year ending 1994 was obtained by personal contact. The extent of social disclosure was measured by a dichotomous index against the social disclosure model. Results of multivariate tests provide evidence that Membership of the Australian Mining Industry Council (Stakeholder Power dimension), and company size (a Control Variable) which was jointly represented by three surrogates (total assets, total sales, and market capitalisation), to be the most significant variables associated with the social disclosure model. The presence of a social responsibility group (Strategic Posture dimension) was also significantly related to the extent of total disclosure and four categories of social disclosure (environment, product and services, human resources, and community involvement). Company age (a Control Variable) was significantly associated with energy related disclosure. Commercial production (a Control Variable) was significant to the total disclosure and two categories of social disclosure (environment, and human resources). Return on equity, and systematic risk (Economic Performance dimension) did not explain social disclosure. The research findings imply that economic performance measures derived from the financial statements of corporate annual reports do not seem to be reliable surrogates for evaluating voluntary social disclosure. To improve the extent of disclosure of socially responsible information, accounting regulators may need to consider issuing an accounting standard on corporate social responsibility disclosure.

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12

Blair, Mark. "Choice of ownership structure in the Australian life insurance industry". Phd thesis, Department of Accounting, 1991. http://hdl.handle.net/2123/7910.

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13

Lee, Andrew Seng Choon. "The restructuring of large listed Australian companies in response to financial distress /". Title page, table of contents and introduction only, 1993. http://web4.library.adelaide.edu.au/theses/09C/09cl4771.pdf.

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14

Sands, John Stephen, e n/a. "Auditor Switching - A Two-Stage Decision Process: An Empirical Study of Australian Companies". Griffith University. Department of Accounting, Finance and Economics, 1996. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20050901.152229.

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This dissertation is concerned with a primary and two secondary research issues. The primary issue pertains to the existence of a two-stage auditor switching decision process; that is the auditor change and the auditor selection stages. The two secondary issues concern the relative influence of variables within their respective decision stages. External auditors are engaged not only to comply with the Corporations Law requirement and Australian Stock Exchange membership conditions but also to reduce the degree of information risk assigned by financial statement users to financial statements prepared by auditee management. The decision to switch auditors may cause financial statement users to assign a higher degree of information risk to financial statements, i.e., the indirect costs of switching auditors. A substantial increase in these indirect costs may have occurred as the average rate that Australian publicly listed companies switch auditor has increased in recent years. However, prior research has provided inconsistent and inconclusive evidence with regard to the variables that influence auditees to switch auditors. To avoid mis-perceptions by financial statement users about the newly appointed auditors' attestation of the financial information prepared by auditees, a greater understanding is needed of the auditor switching decision process to assist in mitigating these indirect costs of switching auditors. In prior research the underlying suggestion why auditees switch auditors is the development of a mis-match of audit services demanded to the services supplied by the incumbent auditor. To overcome this mis-match, auditees after deciding to change auditors then select a specific audit firm that offers suitable services and possesses suitable characteristics. A suggested reason for the inconsistent findings of prior research is that there are two decision stages (auditor change and auditor selection) in the auditor switching decision process and past studies have examined, intentionally or otherwise, different decision stages. From a two decision stage perspective, there are three additional explanations for the inconsistent findings of prior research. These explanations are 1) the inappropriate use of surrogate measures for the decision stage studied, 2) the misuse of the terms auditor change, auditor selection and auditor switching, and 3) the inappropriate research methodology and instrument design employed. This absence of a 'shared agreement' among researchers about the two-stage auditor switching decision concept and misuse of terms may have confused not only researchers but also survey participants and readers of auditor switching literature thus contributing to the inconsistencies in prior evidence as well as perpetuating the inconsistent results where the readers are the future researchers. A review of the literature identified five characteristic variables of the incumbent and replacement audit firms that influence the auditor switching decision. Four variables (disagreements between auditees and auditors that result in, or are caused by, the issuance of a qualified audit report and recommendations from three external sources) in addition to the five incumbent auditor characteristics were found to influence only the auditor change decision. In addition to the five replacement auditor characteristic variables, a further five variables, involving audit firm image creation or other promotional activities, have been found to influence the auditor selection decision stage. A primary and two secondary problems regarding the auditor switching decision process are addressed (1) How and to what extent does the impact of the five auditor characteristics on Australian auditees' decisions to change auditors (to terminate the incumbent auditor's appointment) differ from that on auditees' decisions to select the replacement auditor? (2) How and to what extent are the nine variables used by Australian auditee management in the decision to change auditors (to terminate the incumbent auditors appointment)? (3) How and to what extent are the ten variables used by Australian auditee management in the decision to select a replacement auditor? The provision of evidence to support the two-stage auditor switching decision process may be achieved by jointly examining and identifying significant differences in the perceived influence of auditor characteristics across the two decision stages and a comparison of their rank order of influence within each stage. Three empirical models are constructed to investigate these three research questions. Using the MANOVA (within-subjects) design, the first model is to analyse each respondent's perception of the level of influence of each of the five auditor characteristic variables across the two decision stages. The second and third empirical models are using an one-way ANOVA design to test the influence of each of the respective independent variables (i.e., nine variables for the change decision and ten variables for the selection decision) on the respective dependent variable (i.e., the change decision or the selection decision). Fifty-three usable responses were received from Australian companies identified as voluntarily switching auditors for the reporting year ended 1990 and/or 1991. The data collected for analysis were provided by company executives of these companies. The major findings of this study are: 1) Two of the five auditor characteristics, 'level of audit quality' and 'suitability of non-audit services', differed significantly in their level of relative influence across the two decision stages. Furthermore, there was some support in the results for a perceived difference in the influence of a third auditor characteristic, 'size of audit fees', across both stages. 2) Significant differences were perceived in the level of influence of variables on the auditor change decision stage. The six most influential variables were the higher audit fees, the auditor's offices were not located near the auditee's geographically dispersed offices, the incumbent auditor's lack of industry specialisation, a higher audit quality was not provided, the non-audit services offered were unsuitable, and director's recommendations. 3) In the auditor selection decision stage, significant differences were perceived in the level of influence of variables. The six most influential variables were the lower fees, the recommendations of business colleagues, a higher quality audit can be provided, the suitability of range of non-audit services, the closeness of the auditor's offices to the auditee's geographically dispersed operations, and the availability of industry specialisation. 4) A comparison of the rank order of influence of auditor characteristic variables within each decision stage found variances exist for two variables 'closeness of auditor's offices to the auditee's operations' and 'the level of industry specialisation' across the two stages. 5) The significant difference in the level of influence of characteristics of the incumbent and replacement auditors in the first finding suggests that auditors are not perceived as providing homogeneous services. Furthermore, from the significant difference in these auditor characteristic variables within each decision stage in the second and third findings imply that the auditor characteristics of an auditor are not perceived as homogeneous. The following major conclusions are drawn from this study. The evidence from these major findings support the existence of a two-stage auditor switching decision process. The results also show that auditor switching decision makers' perceptions of the variables that influence auditor switching vary across the two decision stages and with the auditor change and auditor selection decisions. Finally, because the characteristics of the auditors vary in their perceived influence across both stages and within each decision stage, these variances suggest the auditor characteristics supplied are perceived to be heterogeneous. This perceived heterogeneity permits audit firms to differentiate their services offered and requires auditees to employ a two-stage auditor switching decision process.

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15

Sands, John Stephen. "Auditor Switching - A Two-Stage Decision Process: An Empirical Study of Australian Companies". Thesis, Griffith University, 1996. http://hdl.handle.net/10072/366910.

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This dissertation is concerned with a primary and two secondary research issues. The primary issue pertains to the existence of a two-stage auditor switching decision process; that is the auditor change and the auditor selection stages. The two secondary issues concern the relative influence of variables within their respective decision stages. External auditors are engaged not only to comply with the Corporations Law requirement and Australian Stock Exchange membership conditions but also to reduce the degree of information risk assigned by financial statement users to financial statements prepared by auditee management. The decision to switch auditors may cause financial statement users to assign a higher degree of information risk to financial statements, i.e., the indirect costs of switching auditors. A substantial increase in these indirect costs may have occurred as the average rate that Australian publicly listed companies switch auditor has increased in recent years. However, prior research has provided inconsistent and inconclusive evidence with regard to the variables that influence auditees to switch auditors. To avoid mis-perceptions by financial statement users about the newly appointed auditors' attestation of the financial information prepared by auditees, a greater understanding is needed of the auditor switching decision process to assist in mitigating these indirect costs of switching auditors. In prior research the underlying suggestion why auditees switch auditors is the development of a mis-match of audit services demanded to the services supplied by the incumbent auditor. To overcome this mis-match, auditees after deciding to change auditors then select a specific audit firm that offers suitable services and possesses suitable characteristics. A suggested reason for the inconsistent findings of prior research is that there are two decision stages (auditor change and auditor selection) in the auditor switching decision process and past studies have examined, intentionally or otherwise, different decision stages. From a two decision stage perspective, there are three additional explanations for the inconsistent findings of prior research. These explanations are 1) the inappropriate use of surrogate measures for the decision stage studied, 2) the misuse of the terms auditor change, auditor selection and auditor switching, and 3) the inappropriate research methodology and instrument design employed. This absence of a 'shared agreement' among researchers about the two-stage auditor switching decision concept and misuse of terms may have confused not only researchers but also survey participants and readers of auditor switching literature thus contributing to the inconsistencies in prior evidence as well as perpetuating the inconsistent results where the readers are the future researchers. A review of the literature identified five characteristic variables of the incumbent and replacement audit firms that influence the auditor switching decision. Four variables (disagreements between auditees and auditors that result in, or are caused by, the issuance of a qualified audit report and recommendations from three external sources) in addition to the five incumbent auditor characteristics were found to influence only the auditor change decision. In addition to the five replacement auditor characteristic variables, a further five variables, involving audit firm image creation or other promotional activities, have been found to influence the auditor selection decision stage. A primary and two secondary problems regarding the auditor switching decision process are addressed (1) How and to what extent does the impact of the five auditor characteristics on Australian auditees' decisions to change auditors (to terminate the incumbent auditor's appointment) differ from that on auditees' decisions to select the replacement auditor? (2) How and to what extent are the nine variables used by Australian auditee management in the decision to change auditors (to terminate the incumbent auditors appointment)? (3) How and to what extent are the ten variables used by Australian auditee management in the decision to select a replacement auditor? The provision of evidence to support the two-stage auditor switching decision process may be achieved by jointly examining and identifying significant differences in the perceived influence of auditor characteristics across the two decision stages and a comparison of their rank order of influence within each stage. Three empirical models are constructed to investigate these three research questions. Using the MANOVA (within-subjects) design, the first model is to analyse each respondent's perception of the level of influence of each of the five auditor characteristic variables across the two decision stages. The second and third empirical models are using an one-way ANOVA design to test the influence of each of the respective independent variables (i.e., nine variables for the change decision and ten variables for the selection decision) on the respective dependent variable (i.e., the change decision or the selection decision). Fifty-three usable responses were received from Australian companies identified as voluntarily switching auditors for the reporting year ended 1990 and/or 1991. The data collected for analysis were provided by company executives of these companies. The major findings of this study are: 1) Two of the five auditor characteristics, 'level of audit quality' and 'suitability of non-audit services', differed significantly in their level of relative influence across the two decision stages. Furthermore, there was some support in the results for a perceived difference in the influence of a third auditor characteristic, 'size of audit fees', across both stages. 2) Significant differences were perceived in the level of influence of variables on the auditor change decision stage. The six most influential variables were the higher audit fees, the auditor's offices were not located near the auditee's geographically dispersed offices, the incumbent auditor's lack of industry specialisation, a higher audit quality was not provided, the non-audit services offered were unsuitable, and director's recommendations. 3) In the auditor selection decision stage, significant differences were perceived in the level of influence of variables. The six most influential variables were the lower fees, the recommendations of business colleagues, a higher quality audit can be provided, the suitability of range of non-audit services, the closeness of the auditor's offices to the auditee's geographically dispersed operations, and the availability of industry specialisation. 4) A comparison of the rank order of influence of auditor characteristic variables within each decision stage found variances exist for two variables 'closeness of auditor's offices to the auditee's operations' and 'the level of industry specialisation' across the two stages. 5) The significant difference in the level of influence of characteristics of the incumbent and replacement auditors in the first finding suggests that auditors are not perceived as providing homogeneous services. Furthermore, from the significant difference in these auditor characteristic variables within each decision stage in the second and third findings imply that the auditor characteristics of an auditor are not perceived as homogeneous. The following major conclusions are drawn from this study. The evidence from these major findings support the existence of a two-stage auditor switching decision process. The results also show that auditor switching decision makers' perceptions of the variables that influence auditor switching vary across the two decision stages and with the auditor change and auditor selection decisions. Finally, because the characteristics of the auditors vary in their perceived influence across both stages and within each decision stage, these variances suggest the auditor characteristics supplied are perceived to be heterogeneous. This perceived heterogeneity permits audit firms to differentiate their services offered and requires auditees to employ a two-stage auditor switching decision process.
Thesis (Masters)
Master of Philosophy (MPhil)
Department of Accounting, Finance and Economics
Griffith Business School
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16

Shen, Gensheng University of Ballarat. "The determinants of capital structure in Chinese listed companies". University of Ballarat, 2008. http://archimedes.ballarat.edu.au:8080/vital/access/HandleResolver/1959.17/12728.

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Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.
Doctor of Philosophy

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17

Shen, Gensheng. "The determinants of capital structure in Chinese listed companies". Thesis, University of Ballarat, 2008. http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/66203.

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Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.
Doctor of Philosophy

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18

Shen, Gensheng. "The determinants of capital structure in Chinese listed companies". University of Ballarat, 2008. http://archimedes.ballarat.edu.au:8080/vital/access/HandleResolver/1959.17/15395.

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Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.
Doctor of Philosophy

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19

Barut, Meropy. "Triple bottom line reporting a study of diversity and application by Australian companies /". Australasian Digital Thesis Program, 2007. http://adt.lib.swin.edu.au/public/adt-VSWT20071005.113714/index.html.

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Thesis (PhD) - Faculty of Business and Enterprise, Swinburne University of Technology, 2007.
Submitted for the degree Doctor of Philosophy, Faculty of Business and Enterprise, Swinburne University of Technology - 2007. Typescript. Bibliography: p. 302-340.

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20

McManus, Lisa, e n/a. "An Examination of Customer Accounting in an Australian Context". Griffith University. Griffith Business School, 2006. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20070111.145255.

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This thesis reports on a study that examined customer accounting (CA) in Australian companies. The broad aims of the thesis are to develop an understanding of the organisational role played by CA practice and the role accounting plays in providing information about a firm's customer base. Three empirical phases have been undertaken in the study. The first phase involved exploratory interviews with accountants and marketers from a number of Australian firms. The second phase comprised an in-depth case study that involved the development of a segmental customer profitability analysis in a major Australian telecommunications company. The third empirical phase involved the administration of a survey questionnaire to chief accountants and marketing managers from a number of large Australian companies. A number of significant findings are reported and include: (1) A level of CA practice has been observed that is reasonably in line with what was anticipated based on the minimal previous academic interest in this area. (2) There appears to be a potential for further CA development in Australian companies. (3) The interview findings identified 'short-term tactical decisions' and 'focus attention on maximising customer value' as the two most important organisational roles CA may play. (4) CA systems were found to provide important information for marketing resource allocation decisions, customer retention decisions, customer service management decisions and customer pricing decisions. (5) The main barriers to CA implementation identified during the segmental CPA case study and exploratory interviews concerned information technology and data acquisition problems. This finding was supported by the results of the survey questionnaire phase of the study where in addition to these two barriers, 'other competing organisational priorities' was rated highly as an impediment to CA system development. (6) Some support was found for the proposed relationships between CA and the contingent factors of company size, customisation, and organisational structure. (7) Limited support was found for the proposed positive association between CA systems and competition intensity and marketing orientation. (8) No support was found for the proposed relationships between perceived environmental uncertainty, organisational strategy, organisational performance and CA systems. (9) Customisation was the only contingent factor found to have a significant impact upon the potential of CA to aid management.

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21

McManus, Lisa. "An Examination of Customer Accounting in an Australian Context". Thesis, Griffith University, 2006. http://hdl.handle.net/10072/367433.

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This thesis reports on a study that examined customer accounting (CA) in Australian companies. The broad aims of the thesis are to develop an understanding of the organisational role played by CA practice and the role accounting plays in providing information about a firm's customer base. Three empirical phases have been undertaken in the study. The first phase involved exploratory interviews with accountants and marketers from a number of Australian firms. The second phase comprised an in-depth case study that involved the development of a segmental customer profitability analysis in a major Australian telecommunications company. The third empirical phase involved the administration of a survey questionnaire to chief accountants and marketing managers from a number of large Australian companies. A number of significant findings are reported and include: (1) A level of CA practice has been observed that is reasonably in line with what was anticipated based on the minimal previous academic interest in this area. (2) There appears to be a potential for further CA development in Australian companies. (3) The interview findings identified 'short-term tactical decisions' and 'focus attention on maximising customer value' as the two most important organisational roles CA may play. (4) CA systems were found to provide important information for marketing resource allocation decisions, customer retention decisions, customer service management decisions and customer pricing decisions. (5) The main barriers to CA implementation identified during the segmental CPA case study and exploratory interviews concerned information technology and data acquisition problems. This finding was supported by the results of the survey questionnaire phase of the study where in addition to these two barriers, 'other competing organisational priorities' was rated highly as an impediment to CA system development. (6) Some support was found for the proposed relationships between CA and the contingent factors of company size, customisation, and organisational structure. (7) Limited support was found for the proposed positive association between CA systems and competition intensity and marketing orientation. (8) No support was found for the proposed relationships between perceived environmental uncertainty, organisational strategy, organisational performance and CA systems. (9) Customisation was the only contingent factor found to have a significant impact upon the potential of CA to aid management.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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22

Shiravi-Khozani, Abdolhossein. "The legal aspect of international countertrade, with reference to the Australian Legal System". Title page, contents and abstract only, 1997. http://web4.library.adelaide.edu.au/theses/09PH/09phs5577.pdf.

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Bibliography: leaves 462-479. "... to provide a basis for understanding countertrade practices. In particular, however, it aims to provide assistance to trading parties to identify the problems associated with various forms of countertrade and to give them guidance in drafting countertrade contracts in the light of Australian law.".

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23

Seymour, Kristy Danialle. "Bodies, Temporality and Spatiality in Australian Contemporary Circus". Thesis, Griffith University, 2018. http://hdl.handle.net/10072/376861.

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Informed and impelled by my professional experience as a circus artist, this dissertation maps the practice features and cultural influence of contemporary circus in Australia, investigating its development and situating it in relation to alternative circus practice internationally. I undertake a conceptual discussion of the development of Australian contemporary circus and of its current features. This involves the discussion of the milieu it created and continues to create for itself, the “middle…from which it grows and which it overspills” (Deleuze and Guattari 1987); its many lines of flight as sub-genres, styles, companies, training and sustainability; and its ability to renew and extend itself through continual processes of deterritorialisation and reterritorialisation. I explore the growth of the artform; its artistic processes; how spatiality has shaped contemporary circus, including the part played by certain 'circus cities' in industry development, and the relationships between performance venues and artistic processes; the national profile of contemporary circus and its major contribution to Australia’s international performing arts output. Simultaneously, I consider the performance of the contemporary circus body in space and time. I am interested in the diversity, multiplicities and “creative chaos” deployed by independent artists and major companies in the production of work, along with the nature and significance of embodiment, risk and trust in performance. This involves, for example, the influence of Chinese classical circus techniques in the training of Australian circus artists, as well as the impacts of feminist and queer ideologies and bodies on the practices of circus and the aesthetics of performance. Methodologically, the thesis is grounded in approaches and opportunities consequent upon the lived experience of an insider researcher who has participated in the industry as an aerial performer, artistic director, company manager, trainer and colleague. The case studies of key companies, practices and sites of practice are therefore based in interviews with a cross-section of practitioners and other industry personnel who recognised the value of the research. Similarly, the project has been enriched by an insider’s access to scarce but invaluable archival material as well as publicly accessible media reviews. Conceptually, I draw extensively on Deleuze and Guattari for ways of thinking processually about movement, rhythms, transformations, connectivity and potentiality in the artform, in relation to the bodies of performers, the spaces in which they perform and the contexts that they inhabit in terms of company structures, relations with Australian governments and other artforms, and in extensive international work. In addition to a range of scholars who have worked with and through Deleuze and Guattari in various ways, I make use of key insights from Foucault, Agamben, Butler, Grosz and Probyn. Utilising ideas and approaches that are allied, or at least aligned, in their modes of working with differences and complex relations, has helped me to fashion a discussion that I believe achieves coherence, given the large but potentially unwieldy array of primary and secondary material that informs it. This discussion is also facilitated throughout by a number of core observations regarding movements and interactions of bodies in spaces, for which I found particularly valuable perspectives in works by Peta Tait, Doreen Massey and Erin Manning. Taken together, these various conceptual strands and the ways of thinking that they model have enabled me to analyse how the success of Australian contemporary circus can be found in its ideological edginess, its emphatic physicality and extreme uses of the body, its challenges to “normal” notions of physical and spatial boundedness, and its particular ways of mixing chaotic and orderly processes which produce a sense of “authenticity in performance” for audiences. While aspects of the artform have been discussed in scholarly work (e.g. Tait, 2005) this is the first comprehensive study of Australian contemporary circus, its national development, and its international influence as a leader in innovation. As well as suggesting some approaches to understanding and conceptualising the extraordinary appeal of the sector for its participants and its audiences, I grapple with why it continues to be largely unrecognised in Australian national and state funding processes. I suggest that more serious conceptual discussion of the sector in scholarly and industry contexts might contribute to it being taken seriously in its home country, as it is internationally.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Hum, Lang & Soc Sc
Arts, Education and Law
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24

Wang, Yen-Tsai, e n/a. "Information Technology Investment Decisions and Evaluation in Large Australian Companies: Theory and Practice Compared". Griffith University. Griffith Business School, 2007. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20070716.175827.

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Today's business environment is characterised by organisational dependence on information and communication technology. At the same time, this reliance on information technology and systems (IT/IS, hereafter IT) has given rise to concerns about how to evaluate IT investment initiatives. Issues such as the popular 'productivity paradox' and the broader 'value for IT money' (e.g., Brynjolfsson and Hitt 1998; Davern and Kauffman 2000) debate have further fuelled the extensive research in the area of IT investment and assessment. However, a review of current literature reveals a number of differences between IT investment assessment literature and traditional capital budgeting literature, particularly in the way that the entire decision making process is rarely discussed in IT investment decision making research. Instead, much attention has been focused on project justification or evaluation alone. Thus, it was argued for this research that an emphasis on the entire decision making process - from IT planning and analysis to post-implementation evaluation - is important, as potential organisational and other contextual variables that may not be apparent at the evaluation stage, can be better identified and appreciated. Another theme that this research seeks to investigate is the applicability and practicability of current IT decision making theories and evaluation methods discussed in the literature. Considering the breadth and depth of existing research in this area, IT investment decision making is, however, still seen as problematic today (e.g., Mahmood and Mann 2000). In particular, the literature reports a polarisation of empirical evidence towards the use of either over-optimistic or over-pessimistic forecasts of IT performance and return on investment (e.g., Irani et al. 1997). Thus, the usefulness of these theoretical models and techniques cannot be seen as clearly established. As a result, no single theory or technique can be said to be unequivocally successful in helping firms to evaluate IT investment opportunities and to identify where IT value lies. This discrepancy between the desired and the actual outcomes of IT investment decision making highlights a possible gap between what is offered in theory by researchers and what is used by practitioners. Gaining an understanding of the underlying issues associated with this gap is important, as its existence raises questions about the veracity of recent theoretical developments in IT investment decision making methodology. Hence, the research problem investigated in this research is: What is the level of applicability and practicability of the current theories and techniques relevant to IT investment decision making and evaluation, as observed in large Australian companies? To address the research question, this research was conducted by two studies. The first study adopted a survey methodology to establish the specific decision making content and process involved in IT investment. The collected data from this part of the research were used for both descriptive and inferential statistics analysis purposes. The second study consisted of three convergent interviews, which examined the significant institutional contexts that might influence the decision outcome, further adding meaning to the findings of the first study. The key findings of the research are that the planning, evaluation, and post-implementation evaluation activities for IT investments have not been performed widely and consistently. Although sophisticated evaluation methods have been developed over the years, they do not appear to have provided a satisfactory answer to improve IT decision making practice. It appears that the underlying problem with IT investment decision making cannot be explained by the inadequacy of the adopted evaluation techniques alone, and answers must also lie elsewhere. Two potential problem areas were found to be organisations' unenthusiastic attitude towards IT, and a general lack of applicability and practicability of current decision making and evaluation theories. The unenthusiastic attitude towards IT is explained by several factors as identified in this research. Particularly, they were related to: (1) difficulty with forecasting future business needs, (2) lack of time for sufficient IT planning, (3) performance of past IT investments leading to IT conservatism, (4) IT being generally seen as operating costs, (5) budgetary constraint, (6) competitors' imitation leading to undifferentiated or similar technology/process, (7) technologies fast becoming obsolete, and (8) organisation complexity, power structure, and existing policy and procedures all making change difficult. It was suggested that without fundamentally changing the way technology is perceived and treated by the business community, the value of IT will continue to be questioned and IT investment decision making will continue to be difficult. The lack of applicability and practicability of contemporary decision making and evaluation theories was also found to be significant, with very few organisations considering them to be useful. Four key factors impeding adequate system planning and evaluation were also uncovered: (1) business necessity remains a main IT driver, (2) IT is accepted as a cost of being in business, (3) users' IT needs must be met responsively, and (4) IT is inherently difficult to evaluate with any accuracy. As a result, organisations were often found to adopt the following evaluation strategies: (1) situational, rather than systematic evaluation, (2) a cost-management approach to evaluation, often resulting in the use of an excessive discount rate or cost of capital, (3) waiting for the technology in question to mature before investing. The contribution of this research is that it has both theoretical and practical significance. The theoretical significance of this research arises from insights into the existing body of theory and further, from theorising about the decision making practices as adopted by large Australian companies. At the same time, this research also serves as a practical reference for the development of decision making practice and policy. Only with a clear understanding of the important aspects involved in IT investment decision making, can organisations define and approach their investment tasks more successfully.

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25

Wang, Yen-Tsai. "Information Technology Investment Decisions and Evaluation in Large Australian Companies: Theory and Practice Compared". Thesis, Griffith University, 2007. http://hdl.handle.net/10072/366719.

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Today's business environment is characterised by organisational dependence on information and communication technology. At the same time, this reliance on information technology and systems (IT/IS, hereafter IT) has given rise to concerns about how to evaluate IT investment initiatives. Issues such as the popular 'productivity paradox' and the broader 'value for IT money' (e.g., Brynjolfsson and Hitt 1998; Davern and Kauffman 2000) debate have further fuelled the extensive research in the area of IT investment and assessment. However, a review of current literature reveals a number of differences between IT investment assessment literature and traditional capital budgeting literature, particularly in the way that the entire decision making process is rarely discussed in IT investment decision making research. Instead, much attention has been focused on project justification or evaluation alone. Thus, it was argued for this research that an emphasis on the entire decision making process - from IT planning and analysis to post-implementation evaluation - is important, as potential organisational and other contextual variables that may not be apparent at the evaluation stage, can be better identified and appreciated. Another theme that this research seeks to investigate is the applicability and practicability of current IT decision making theories and evaluation methods discussed in the literature. Considering the breadth and depth of existing research in this area, IT investment decision making is, however, still seen as problematic today (e.g., Mahmood and Mann 2000). In particular, the literature reports a polarisation of empirical evidence towards the use of either over-optimistic or over-pessimistic forecasts of IT performance and return on investment (e.g., Irani et al. 1997). Thus, the usefulness of these theoretical models and techniques cannot be seen as clearly established. As a result, no single theory or technique can be said to be unequivocally successful in helping firms to evaluate IT investment opportunities and to identify where IT value lies. This discrepancy between the desired and the actual outcomes of IT investment decision making highlights a possible gap between what is offered in theory by researchers and what is used by practitioners. Gaining an understanding of the underlying issues associated with this gap is important, as its existence raises questions about the veracity of recent theoretical developments in IT investment decision making methodology. Hence, the research problem investigated in this research is: What is the level of applicability and practicability of the current theories and techniques relevant to IT investment decision making and evaluation, as observed in large Australian companies? To address the research question, this research was conducted by two studies. The first study adopted a survey methodology to establish the specific decision making content and process involved in IT investment. The collected data from this part of the research were used for both descriptive and inferential statistics analysis purposes. The second study consisted of three convergent interviews, which examined the significant institutional contexts that might influence the decision outcome, further adding meaning to the findings of the first study. The key findings of the research are that the planning, evaluation, and post-implementation evaluation activities for IT investments have not been performed widely and consistently. Although sophisticated evaluation methods have been developed over the years, they do not appear to have provided a satisfactory answer to improve IT decision making practice. It appears that the underlying problem with IT investment decision making cannot be explained by the inadequacy of the adopted evaluation techniques alone, and answers must also lie elsewhere. Two potential problem areas were found to be organisations' unenthusiastic attitude towards IT, and a general lack of applicability and practicability of current decision making and evaluation theories. The unenthusiastic attitude towards IT is explained by several factors as identified in this research. Particularly, they were related to: (1) difficulty with forecasting future business needs, (2) lack of time for sufficient IT planning, (3) performance of past IT investments leading to IT conservatism, (4) IT being generally seen as operating costs, (5) budgetary constraint, (6) competitors' imitation leading to undifferentiated or similar technology/process, (7) technologies fast becoming obsolete, and (8) organisation complexity, power structure, and existing policy and procedures all making change difficult. It was suggested that without fundamentally changing the way technology is perceived and treated by the business community, the value of IT will continue to be questioned and IT investment decision making will continue to be difficult. The lack of applicability and practicability of contemporary decision making and evaluation theories was also found to be significant, with very few organisations considering them to be useful. Four key factors impeding adequate system planning and evaluation were also uncovered: (1) business necessity remains a main IT driver, (2) IT is accepted as a cost of being in business, (3) users' IT needs must be met responsively, and (4) IT is inherently difficult to evaluate with any accuracy. As a result, organisations were often found to adopt the following evaluation strategies: (1) situational, rather than systematic evaluation, (2) a cost-management approach to evaluation, often resulting in the use of an excessive discount rate or cost of capital, (3) waiting for the technology in question to mature before investing. The contribution of this research is that it has both theoretical and practical significance. The theoretical significance of this research arises from insights into the existing body of theory and further, from theorising about the decision making practices as adopted by large Australian companies. At the same time, this research also serves as a practical reference for the development of decision making practice and policy. Only with a clear understanding of the important aspects involved in IT investment decision making, can organisations define and approach their investment tasks more successfully.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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26

Thorne, Helen. "The financial statement data of failed companies : the role of the Australian accounting profession /". Title page, contents and summary only, 1986. http://web4.library.adelaide.edu.au/theses/09PH/09pht511.pdf.

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27

Anwar, Yunita. "Intellectual capital disclosures by Australian companies in annual reports, company websites, and Facebook pages". Thesis, Griffith University, 2018. http://hdl.handle.net/10072/381167.

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This thesis investigates the intellectual capital (IC, hereafter) disclosure practices of large Australian companies and their determinants. According to signalling theory, companies provide a signal of important information through their disclosures to promote their competitive advantage. This important information includes IC (Oliveira, 2006). Prior research (Guthrie & Petty, 2000) documents how the Australian economy has shifted to a knowledge-based one. Recent innovation initiatives launched by the Australian government in 2015 (Australian Financial Review, 2015b) also show how important IC is for Australian and companies and the Australian economy. Prior research (for example Guthrie, Petty, and Ricceri (2006), Wagiciengo and Belal (2012), Bozzolan, Favotto, and Ricceri (2003), among others) has documented IC disclosure practices worldwide. However, the majority of this research was focused on annual reports and company websites. The emergence of social media brings advantages for company disclosures such as a two-way communication and the flexibility to access information on a timely basis. In Australia, the majority of social media users are Facebook users (Sensis, 2016). Considering the popularity of Facebook in Australia, this thesis analyses whether and how Facebook is being used by Australian companies to disclose IC. Its first research question examines whether Australian companies use annual reports, company websites, and Facebook to disclose their IC information. According to stakeholder theory, a company needs to meet stakeholder demands to achieve its strategic objectives (Robert, 1992). In this regard, prior research has documented the importance of IC disclosures to assist investors’ decision making (Andriessen, 2004). Thus, a company recognises the importance of IC and needs to provide the disclosure. Media agenda setting theory suggests that a company may use different media in order to effectively reach their wide stakeholders. Considering this, the second research question of this thesis investigates whether Australian companies put any different emphasis about their IC disclosures in those three different media. The last research question addresses the determinants of IC disclosures. As the board of directors is influential in dealing with external stakeholders (Pfeffer, 1972), and constitute the highest decision control system and monitoring role in a company (Fama & Jensen, 1983), this thesis focuses on the influence of the board in companies’ IC disclosure practices. Specifically, this thesis investigates the board members’ education, expertise, and gender. To drill down into the extent of IC disclosures in these three different media, this thesis explores the IC disclosure scores by employing exploratory factor analysis. The research samples were drawn from companies listed in the ASX 500. Furthermore, this thesis applies multivariate regression analysis to explore the determinants of IC disclosures. The results of this thesis contribute to the IC disclosure literature by providing evidence on the usage of Facebook in IC disclosures. As this platform’s usage is evident, this may encourage more companies to use it to communicate with stakeholders. Moreover, this thesis finds that while Australian companies use all three different media to disclose their IC information, they put a different emphasis on these distinct media. Furthermore, this thesis suggests that stakeholders need to pay attention to several forms of media for IC related information. This thesis contributes to the board diversity literature by investigating the relationship between the board of directors and the quantity of IC disclosures. Findings include that board members’ characteristics determine a company’s IC disclosures in annual report and company websites. However, this research argues that Facebook is a relatively new avenue for Australian companies to provide IC disclosures and it is being used by them to reach out to the millennial generations. Furthermore, this study also suggests that a company may pay attention to some board members’ characteristics that may be associated with a higher level of disclosures.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Dept Account,Finance & Econ
Griffith Business School
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Hutomo, Y. B. "Voluntary environmental disclosure by Australian listed mineral mining companies : an application of stakeholder theory". Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 1995. https://ro.ecu.edu.au/theses/1162.

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The purpose of this study was to examine the extent of voluntary environmental disclosure in relation to firm-specific characteristics of listed mineral mining firms within the stakeholder theory framework developed by Ullmann (1985). Three indices, word index, unweighted index and weighted index, were applied to measure the extent of total environmental disclosure and categories of total disclosure, which were environmental policy and strategy, public recognition of environmental activities, prevention or repair of environmental damage and environmental liabilities. A sample of 104 mineral firms was selected from the Australian Graduate . School of Management Annual Report Microfiche File for 1993. The• relationships between the extent of environmental disclosure for the three indices, for total disclosure and each category of disclosure, and firm . characteristics for twelve models in the stakeholder theory were tested by using multivariate analysis

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Xin, Edward Wei. "Entry mode strategy of Australian high value-added manufacturing companies and the Chinese market". Thesis, Queensland University of Technology, 1994. https://eprints.qut.edu.au/35803/1/35803_Xin_1994.pdf.

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Recent interest in international marketing studies focuses on a 'frontier' issue - entry mode strategy. There are two major different views about market entry strategy - internationalization and contingency. Both of them have more than one theoretical model. The major difference between these two views is whether the company can choose an optimal entry mode. This research explores this important issue of entry mode choice by focusing on Australian high value-added manufacturing companies entering the Chinese market. This is a contemporary issue with great importance to Australia and China because Australian high value-added manufacturing companies are the fastest growing exporters in Australia and the Chinese market is an emerging market with enormous market potential. Therefore, the research problem of this research is: RP: How do Australian high value-added manufacturing companies develop their entry mode strategies for the Chinese market? The research reviewed the literature relating to the parent discipline of entry mode strategy, and supports the transaction cost model in particular. This model of entry mode choice believes that entry mode choice is closely related to a host country's external environmental factors and internal factors of companies entering the market. Moreover, entry mode choice is directly decided by trade-offs of four critical constructs - risk, return, cost and control. From the literature review, this research tends to support the idea that an optimal entry mode may be chosen instead of adhering to the sequential stagesapproach of the internationalization process. Therefore, four research propositions were developed on the basis of these discussions. Research proposition 1 examined whether the proposed four critical constructs capture most of the considerations in the choice of entry mode. Research proposition 2 examined whether each type of entry mode can be charted on the above four constructs. Research proposition 3 examined various external environmental factors of the Chinese market and their impacts on Australian high value-added manufacturing companies' entry activities. Finally, research proposition 4 examined various internal factors of Australian high value added manufacturing companies and their impacts on entry activities of these companies. Data was collected by using the exploratory and explanatory case study methodology, with two pilot case studies carried out in Brisbane to refine the research protocol and procedures. Thirteen Australian high value-added manufacturing companies from five industry clusters operating in Beijing were examined in the major stage of data collection. Data was analyzed by using both case descriptions and cross-case analysis methods. The research findings showed the importance of those four critical constructs for entry mode choice. Moreover, relationship networks emerged as another critical consideration. Research findings for research propositions 3 and 4 also identified some important external and internal factors for entry mode choice. Therefore, on the basis of research findings about the research propositions, an entry mode strategic model was developed to meet the special needs of managers in Australian high value-added manufacturing companies to develop their entry mode strategy. Practical implications of this model were discussed in detail. Furthermore, the impacts of the findings of this research on the parent disciplines of entry mode choice were also examined. Further research should focus on Australian service companies and other areas of China to replicate the research findings of this research.

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Sadikin, Harry Mucharam. "Comparative study of town planning requirements in Jakarta and Brisbane and the investment implications on foreign investment and in particular Australian companies". Thesis, Queensland University of Technology, 1993. https://eprints.qut.edu.au/226963/1/T%28BE%26E%29%201819_Sadikin_1993.pdf.

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This research identifies the project explores, differences between clarifies, and the town planning systems in the two cities which will give significant influence on commercial development. The discussion are divided into the following sequential steps; - Surveying and presenting the town planning regulations in the two cities which relate to the commercial development in Central Business District. Performing analysis similar and dissimilar points in relationship to town planning and present the differences for Australian Companies likely to be involved on project in Jakarta. - Stating conclusions based on the points above regarding town planning and commercial development in Jakarta and presenting one case study as an overview of the issues for Australian party. Giving some recommendation for Australian party and some additional information regarding property business in Jakarta. The outcomes of this research is to give overview and provide information to the Australian Companies (Project Management Consultant, Property Developer, Construction Companies, Architect, Planner) about how town planning in Jakarta influences the process of commercial development. These outcomes can be used to encouraging the Australian Companies to gain project opportunities in Indonesia particularly in Jakarta.

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Chan, Jen Jing. "A comparative study of voluntary social and environmental disclosure practices between Australian and Malaysian companies /". Diss., Title page, table of contents and abstract only, 2000. http://web4.library.adelaide.edu.au/theses/09EC/09ecc4564.pdf.

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Desfontaines, Pascal Gerard. "Chief Executive Officer remuneration and financial performance of Australian and South African publicly listed companies". Diss., University of Pretoria, 2018. http://hdl.handle.net/2263/66039.

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Executive remuneration has been discussed extensively in both academia and industry, causing much disagreement. This dilemma is not exclusive to South Africa as executive remuneration has been central in a number of company scandals globally and considered a critical contributor to the global financial crisis. The purpose of this research was to identify and compare the significant CEO pay-performance relationships between the developed and developing economies of Australian and South African publicly listed companies respectively. International comparisons of CEO pay-performance relationships are scarce, with the majority of studies comprising of only single-country analyses. Historical inconsistent remuneration practices of publicly listed companies have resulted in varied effects on company performance and shareholder value creation. CEOs are witnessed receiving large remuneration packages while delivering little shareholder value. Increased public attention has called for stringent corporate governance measures for CEO remunerations schemes. The research study was conducted as an empirical explanatory quantitative study to further understand the relationship between CEO remuneration practices and the financial performance of Australian and South African publicly listed companies. The overarching principal finding of the study was the confirmation of the difference in the significant pay-performance relationships between Australian and South African publicly listed companies, with results indicating that only a negligible portion of the variance in CEO remuneration can be attributed to financial performance measures. The increase in the globally mobility of CEOs has added an additional level of complexity to the pay-performance relationship. Contributing to the field of human resource management and remuneration this study builds on the understanding of CEO pay-performance relationship to maximise shareholder value creation and retain talented CEOs.
Mini Dissertation (MBA)--University of Pretoria, 2018.
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted

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33

Clout, Victoria Jane. "Investigating the relationship between market values and accounting numbers for 30 selected Australian listed companies". Thesis, Queensland University of Technology, 2007. https://eprints.qut.edu.au/16515/1/Victoria_Jane_Clout_Thesis.pdf.

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In capital market research (CMR) studies of the value relevance of accounting numbers are founded upon the concept that, in equilibrium, the book values are equal to or have some long-term relationship with the market value and that market returns are related to book returns. This thesis seeks to resolve a gap in the CMR by examining 30 selected individual firms listed on the Australian stock market during the period 1950 to 2004, using equilibrium correction modelling techniques. Even these limited prior works used cross-sectional techniques rather than the long-run, time-series, analysis used in this study. Moreover, dynamic analysis in the CMR has tended to focus on indexes or portfolio data rather than using firm-specific case study data of the type modelled here. No prior research has taken this approach using Australian data. The results of this thesis indicated that an equilibrium correction relationship between market values and book values for firms listed on the Australian Stock Exchange (ASX) could be determined by using accounting and macroeconomic regressors. The findings of the thesis were consistent with the literature in terms of the variables suggested and important in the firm's valuation from the three main approaches, the analysts (industry) approach, the finance and accounting theory (textbook) approach and the CMR literature approach. The earnings, dividends and book value variables are significant in their relationships with the firm's market values. The models constructed were typically more informative and had an increased forecasting performance compared with the a priori models tested, based on theory and the literature.

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Clout, Victoria Jane. "Investigating the relationship between market values and accounting numbers for 30 selected Australian listed companies". Queensland University of Technology, 2007. http://eprints.qut.edu.au/16515/.

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In capital market research (CMR) studies of the value relevance of accounting numbers are founded upon the concept that, in equilibrium, the book values are equal to or have some long-term relationship with the market value and that market returns are related to book returns. This thesis seeks to resolve a gap in the CMR by examining 30 selected individual firms listed on the Australian stock market during the period 1950 to 2004, using equilibrium correction modelling techniques. Even these limited prior works used cross-sectional techniques rather than the long-run, time-series, analysis used in this study. Moreover, dynamic analysis in the CMR has tended to focus on indexes or portfolio data rather than using firm-specific case study data of the type modelled here. No prior research has taken this approach using Australian data. The results of this thesis indicated that an equilibrium correction relationship between market values and book values for firms listed on the Australian Stock Exchange (ASX) could be determined by using accounting and macroeconomic regressors. The findings of the thesis were consistent with the literature in terms of the variables suggested and important in the firm's valuation from the three main approaches, the analysts (industry) approach, the finance and accounting theory (textbook) approach and the CMR literature approach. The earnings, dividends and book value variables are significant in their relationships with the firm's market values. The models constructed were typically more informative and had an increased forecasting performance compared with the a priori models tested, based on theory and the literature.

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35

Ku, Lin-lin. "How do Taiwanese and Australian trading companies develop strategic marketing plans for each other's country". Thesis, Queensland University of Technology, 1995. https://eprints.qut.edu.au/36268/1/z%2036268_Ku_1995.pdf.

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Although many prior studies have focused on strategic marketing plans, there is no literature addressing the strategic marketing plans for Taiwanese and Australian trading companies. This thesis concentrates on building a general framework which could help Taiwanese and Australian trading companies to develop strategic marketing plans to expand their businesses. Thus, this thesis addresses the research problem: How do Taiwanese and Australian trading companies develop strategic marketing plans for each other's country? This research in reviewing the relevant literature regarding international trade (including gains theory and product life cycle theory), international marketing (the nature and scope of international marketing), globalization, international strategic marketing plans, export entry strategy, trading companies and culture, formulated three research questions: RQ 1: How do Taiwanese and Australian trading companies develop strategic marketing plans? RQ2: How do Taiwanese and Australian trading companies implement strategic marketing plans? RQ3: How does knowledge of a target country's business culture affect strategic marketing plans? Data was collected by using the case study methodology, with one pilot case study conducted in Brisbane to refine the research protocol and procedure. In the major stage of data collection, exporting or marketing managers in four Australia trading companies were interviewed in Brisbane and in four Taiwanese trading companies in Taipei. Then the data was analyzed by using case descriptions, cross-case analysis and explanation building methods. This research found both Taiwanese and Australian trading companies have similar processes on exporting, only with minor variables which were different due to business culture and duration of operation. Taiwanese trading companies tend to have longer duration of strategic marketing plans than Australian ones. Both Taiwanese and Australian trading companies attempt to focus on establishing relationships with their distributors or importers. However, only found in Taiwanese cases involve in third country trade. On the basis of research findings, a conceptual framework was built to assist Taiwanese and Australian trading companies to develop strategic marketing plans. This research contributes to knowledge because it is arguably the first to: • compare the current position of some Taiwanese and Australian trading companies, • compare their strategic marketing processes, • compare how their business cultures influence strategic marketing plans, and • use case study research methodology for this sore of international comparison.

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Freudenberg, Brett David, e na. "Tax Transparent Companies: Striving for Tax Neutrality? A Legal International Comparative Study of Tax Transparent Companies and their Potential Application for Australian Closely Held Businesses". Griffith University. Department of Accounting, Finance and Economics, 2009. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20100615.094301.

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An underlying issue which inheres in any taxation framework relates to the manner in which it operates and the actual distribution of its imposts or appropriations. In this respect, a tax system needs to confront two fundamental (and interrelated) questions first, precisely how the tax or impost should be imposed and, secondly, who should bear the legal obligation or onus of payment. These issues can be conceptualised not only from a purely legal or positivist perspective, in terms of identifying who will incur the obligation to pay tax, but also in terms of a more economic and instrumental standpoint as to which entity or individual should effectively be paying the tax. These alternatives may not result in the same conclusions, particularly for the taxation of business forms. To provide one example, if the business form has separate legal entity status from its members, should the business form, as a legal person, be subject to tax separately from its members? From a legal standpoint the response to this question is that such a business form should bear the impost. However, from an economical perspective it may be preferable that the business income and/or losses are directly allocated to its members. Indeed, tax transparency (aggregate approach) has been argued as an economically superior model, although it is not without its critics...

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37

Freudenberg, Brett David. "Tax Transparent Companies: Striving for Tax Neutrality? A Legal International Comparative Study of Tax Transparent Companies and their Potential Application for Australian Closely Held Businesses". Thesis, Griffith University, 2009. http://hdl.handle.net/10072/366610.

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An underlying issue which inheres in any taxation framework relates to the manner in which it operates and the actual distribution of its imposts or appropriations. In this respect, a tax system needs to confront two fundamental (and interrelated) questions – first, precisely how the tax or impost should be imposed and, secondly, who should bear the legal obligation or onus of payment. These issues can be conceptualised not only from a purely legal or positivist perspective, in terms of identifying who will incur the obligation to pay tax, but also in terms of a more economic and instrumental standpoint as to which entity or individual should effectively be paying the tax. These alternatives may not result in the same conclusions, particularly for the taxation of business forms. To provide one example, if the business form has separate legal entity status from its members, should the business form, as a legal person, be subject to tax separately from its members? From a legal standpoint the response to this question is that such a business form should bear the impost. However, from an economical perspective it may be preferable that the business income and/or losses are directly allocated to its members. Indeed, tax transparency (aggregate approach) has been argued as an economically superior model, although it is not without its critics.1 Criticisms against tax transparency include the risk to tax revenue and the potential to distort investment decisions when allocated losses exceed a member’s financial exposure.2 Despite these criticisms, several foreign jurisdictions have implemented tax transparency in relation to business forms that are characterised by separate legal entity status and limited liability for members (referred to as tax transparent companies or transparent companies). Prominent examples include the United States’ S Corporations and Limited Liability Companies (LLC), the United Kingdom’s Limited Liability Partnerships (LLP) and New Zealand’s Loss Attribution Qualifying Companies (LAQC). The Australian government has been reluctant to fully embrace transparent companies, preferring the integrated approach of a full imputation system applying to corporate distributions. However, in response to pressure for reform, the Australian government has recently introduced two transparent companies, although they are not broadly available.3 These Australian transparent companies are incorporated limited partnerships used for venture capital investments (venture capital ILPs) and amendments to controlled foreign hybrid companies (CFC hybrids). The question that needs to be raised in relation to the introduction of the foreign transparent companies entails precisely what were the underlying motivations that prompted their implementation in the first place. In particular, were these entities introduced purely on the basis of promoting tax neutrality, or were other factors or motivations influential in their creation? If, indeed, other factors were at play then this implicates the obvious question regarding the existence of similar factors in Australia – thereby, perhaps, facilitating the creation of the same type of entities in this jurisdiction. A further interrelated question that needs to be confronted is whether these foreign jurisdictions have ensured that their tax revenue is not prejudiced or affected through the allocation of tax losses to members who do not have full liability exposure. If this is the case, then the consequent concern implicated here is whether Australia’s present loss restriction rules would be able (in such a circumstance) to adequately protect tax revenue in the pursuit of developing such a tax transparent company? A final concern stemming from the foregoing issues is that, given the purported benefits that accrue to closely held businesses via tax transparent companies, how does transparency influence problems faced by this sector in terms of complexity, financing and governance. It is these relevant questions to which attention will be focused on in this dissertation. In addressing these pertinent issues, tentative recommendations for policy and legislative reforms will be formulated in the concluding chapters.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Department of Accounting, Finance and Economics
Griffith Business School
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Capezio, Alessandra. "Does performance pay? : an economic and structural analysis of CEO cash reward and firm performance in Australian public companies". Phd thesis, Faculty of Economics and Business, Discipline of Work and Organisational Studies, 2008. http://hdl.handle.net/2123/8916.

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Pettersen, Mari, e Sara Norman. "Reaching the Japanese Tourist - A qualitative study investigating Australian Tourism Companies’ promotional efforts on the Japanese market". Thesis, Halmstad University, School of Business and Engineering (SET), 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-1116.

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The purpose of this study is to investigate promotion within the tourism industry on the Gold Coast, Australia, focusing on tourism companies’ promotional efforts on the Japanese market. The aim is to answer the question ‘How can Australian tourism companies effectively promote themselves on the Japanese market?’ through five specific research objectives: (1) to get a better understanding of tourism- and attraction marketing, (2) to get familiar with the characteristics of the Japanese tourist and their travel patterns, (3) to investigate which factors in regards to culture, are influencing the tourism companies’ promotion in Japan, (4) to identify critical success factors for successful promotion of Australian tourism companies on the Japanese market, and (5) to identify similarities and differences between small and large companies when it comes to tourism promotion on the Japanese market.

A variety of secondary data, including well-known theories and models were studied and presented in addition to a qualitative study investigating four tourism companies. It is found that the numbers of Japanese tourists to the Gold Coast has decreased over the last decade, much due to macro factors such as changes in aviation and exchange rates, and increased competition from short-haul destinations. However, Japan still represents a main international interest, which makes it crucial for tourism companies to be familiar with the characteristics of the Japanese tourist and their travel patterns. It becomes evident that Japanese tourists have changed over the last years, and findings show that existing cultural frameworks are inadequate to describe the Japanese culture and tourist. Our empirical results show that cultural adaptations are not as extensive as suggested by theory and that the main cultural adjustments are made in language. In addition, it is important to consider the Japanese have higher expectations of service, and are long-term planners.

It is further found that promotional efforts in Japan do not differ greatly from how they promote their companies in Australia. The most important difference in this industry, however, is the power of the Japanese inbound wholesalers or travel agents (the trade), which highly determines promotional efforts. Such relationships are vital, as the Japanese still book their holiday trough traditional channels.

Hence, the most effective promotional tool is found to be wholesalers travel brochures. The power of the trade renders Internet promotion less important, as companies are advised to make use of the wholesalers’ more sophisticated websites. Moreover, publicity is found to be essential promotional tool, including celebrity endorsement, travel TV programs, travel books, and piggybacking on local events. Finally, great benefits can be gained by participating in intra-destination collaboration. When it comes to similarities and differences between small and large tourism companies’ promotion on the Japanese market, it is found that these differences are not as large as we had expected much due to the importance of the trade.

Key Words: Tourism Marketing, Japan, Japanese tourists, Japanese travel patterns, culture, promotion, trade relationships, collaboration

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40

Wang, Guihai. "Managerial formation of international joint ventures : a study of Australian building products and service companies in China". Thesis, Queensland University of Technology, 2001.

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This thesis focuses on two major issues in the formation of international joint ventures (INs): partner selection and management control. The particular problem studied in this thesis is: How do Australian building products and service companies achieve their strategic objectives in China by forming joint ventures with Chinese companies? The case study approach is employed in this study. The data were collected from eight case companies, which mainly relied on in-depth interviews with Australian managers who were personally involved in the formation of their joint ventures (Ns) and managers who were in charge of the operation of the N s. In some cases, Chinese managers were also interviewed. By analysing these data, this study identifies the rationale underlying companies' decisions on partner selection criteria. These criteria can be categorised into three areas: task-related, environment-related and partner-related. And the rationale may include weakness/strength-resource, critical success factor, environment deficiency, perceived opportunity behaviour and perceived cooperation uncertainty etc. Findings of this study suggest that partners which case companies eventually get quite often are not exactly the same as they expect, due to Chinese companies' ability and willingness to contribute. As to the management control Australian building products and service companies adopt, it consists of different components, such as level of control and extent of control, which are dynamic, rather than static. This study investigates why the case companies want to adopt such control and how they get the control that they want. The results of data analysis show that neither dominated control nor shared control necessarily leads to the success of the joint venture, an important factor is the unity between the two partners. This study makes contributions to IN literature by shedding light on areas where previous research has paid little attention. The findings of this study have important managerial implications for Australian companies that have interests in China.

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Schiefelbein, Peter Noel. "What about companies matters to share investors? An exploratory study of Australian institutional and individual investor preferences". Thesis, Queensland University of Technology, 2016. https://eprints.qut.edu.au/97739/4/Peter_Schiefelbein_Thesis.pdf.

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This thesis is an exploratory study of the attributes of companies and their shares that are most important to the investment decision making of institutional and individual investors. This study employed personal interviews using the technique of Repertory Grid Analysis (RGA) and found that individual investors mostly have a preference for different kinds of companies to those preferred by institutional investors.

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Lyons, Margaret E. "Corporate Social Responsibility (CSR) in junior and mid-tier Australian resources companies operating in developing nations - beyond the public relations offensive". Thesis, Queensland University of Technology, 2016. https://eprints.qut.edu.au/92310/1/Margaret_Lyons_Thesis.pdf.

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NIt is now widely accepted that corporations have a responsibility to benefit society, as well as generate profit. This study used institutional theory to explore how the complex and contested notion of corporate social responsibility is understood and practiced by junior and mid-tier Australian resources companies operating in the world's most impoverished countries. The study found that CSR meaning and practice in this large but little researched group of companies was shaped by complex pressures at the global, industry, organisational and individual levels. Importantly, the study also revealed striking contradictions and ambiguities between participants' CSR aspirations and their actions and accountability.

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Stewart, Alyssa Mining UNSW. "An investigation of sustainability reporting by companies in the Australian coal mining industry to public & regulatory audiences". Awarded by:University of New South Wales. Mining, 2006. http://handle.unsw.edu.au/1959.4/24850.

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In the lead-up to the Johannesburg World Summit on Sustainable Development in 2002, several documents were published by the mining industry declaring the important role that public sustainability reporting had to play in driving sustainable development and pointing to the Global Reporting Initiative???s (GRI) 2002 Sustainability Reporting Guidelines as a suitable vehicle for this. With the aim of finding ways to improve the quantity and quality of public sustainability reporting within the Australian coal mining industry, this study set out to investigate the current sustainability reporting practices of companies involved in the industry. A survey was conducted of the public financial and non-financial reporting practices of all companies with a significant interest in a New South Wales or Queensland coal mine. Three survey cycles were completed covering the 2001, 2002 and 2003 calendar years and the 2001/02, 2002/03 and 2003/04 financial years. The reporting practices were determined both in terms of frequency of report production and contents of reports. A GRI-based content analysis tool was used to measure the amount of sustainability information contained in the company reports. It was found that only around a quarter of companies produced a nonfinancial report and that almost half did not produce any public reports, with the number of unlisted companies publicly reporting particularly low. Whilst a wide range of reporting practices were observed with regard to content, the frequency of Economic, Environmental and Social Performance Indicators in reports was generally found to be low. An investigation of the regulatory reporting requirements on companies was then conducted to determine what sustainability information companies could report with data that they already had at hand. The same GRI-based content analysis tool was used to analyse a variety of regulatory documents. It was found that companies did not publicly disclose a significant amount of the environmental data that they are required to report to regulators. The study also evaluated the reporting capacity of non-reporters and found that, with the exception of Governance Structure and Management Systems elements, large unlisted companies had similar regulatory reporting requirements to listed companies. However, smaller unlisted companies had fewer requirements to report Profile and Economic elements. Finally, the influences of company ownership structure, non-financial reporting status, industrial sector, nationality and participation in voluntary initiatives on sustainability reporting practices were investigated. It was concluded that in order for public sustainability reporting to be a useful tool in driving sustainable development, focus needed to shift from ???best practice??? to ???common practice??? so that a critical mass of reporters is amassed to allow benchmarking of performance.

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Alappatt, Thomas Mathew. "Impact of Adoption of International Financial Reporting Standards and Financial Crisis on Accounting Quality of Australian Listed Companies". Thesis, Curtin University, 2020. http://hdl.handle.net/20.500.11937/81670.

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The study investigated whether the adoption of International Financial Reporting Standards (IFRS) and the financial crisis effected the accounting quality of Australian listed companies. Earning management, timely loss recognition and value relevance are used to evaluate accounting quality. It is found that both the events have not affected the accounting quality because of the quality of Australian Accounting Standards Board standards used before adoption of IFRS and a good regulatory system in Australia.

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Cullen, Lisa M. "Determinants of corporate governance disclosures by Australian listed companies subsequent to the introduction of ASX listing rule 4.10.3". Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2002. https://ro.ecu.edu.au/theses/751.

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This study has considered the incentives motivating listed mining and industrial companies to provide governance related disclosures in their annual reports. An examination is made of the impact of listing rule 4.10.3 that was applicable from 30 June 1996. Accordingly the years 1995, 1996 and 1997 are examined. A sample of 100 mining companies and 100 industrial companies was drawn primarily from the Connect 4 database of companies. Adopting political cost theory the study hypothesised that governance disclosures were positively related to the proportion of non-executive directors, gearing, ownership diffusion, Big 6 external auditor and firm size.

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Shahwan, Yousef Said. "The Australian market perception of goodwill and identifiable intangibles". Thesis, View thesis, 2002. http://handle.uws.edu.au:8081/1959.7/782.

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Accounting for goodwill and identifiable intangibles is one of the most controversial issues in financial reporting. It has been on the agenda of the Australian Accounting Standards Board, the US, UK, and the International Accounting Standards Boards, and the Full High Court of Australia. The Australian Securities and Investments Commission has also placed accounting for intangibles in its Media Releases directed at specific companies. Evidence suggests that the materiality of goodwill and identifiable intangible assets in corporate statements of financial position for a large number of companies is the reason for the considerable attention given to goodwill and identifiable intangibles. The present study has two objectives. First, it analyses the Australian market perception of goodwill and identifiable intangibles as assets in the determination of the market valuation of companies. Second, it investigates whether the market perceives goodwill and identifiable intangibles as wasting resources when valuing Australian firms. In order to achieve these objectives, the analysis initially develops and estimates a model (the asset-based model) that uses financial position statement items to explain the market value of companies' equity. This model examines the association between reported goodwill and identifiable intangible asset values and companies' market values. Given Ohlson's (1993) argument that companies' market value might be better explained by a model that includes a stock concept of value and a flow concept of earnings, a second model (the asset and income-based model) that incorporates an income variable into the initial model, is then developed and estimated. This model examines the association between the goodwill and identifiable intangible amortisation expense and companies' market values. Evidence suggests that there is a statistically significant negative association between equity market values and write-offs of goodwill, confirming the market perception of write-offs of goodwill as a wasting resource when valuing companies. Evidence also suggests that there is a statistically significant negative association between equity market values and write-offs of identifiable intangibles, at least for the total sample of the present study, providing limited evidence of the market perception of identifiable intangibles as wasting resources when valuing companies. However, the negative and inconsistently significant association between equity market values and write-offs of identifiable intangibles on an annual basis suggests that the relationship may be more complex than traditionally analysed

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Kloppers, Pieter W. "Judicial management as a technique for corporate rescue. A comparison with English and Australian law". Thesis, Stellenbosch : Stellenbosch University, 2000. http://hdl.handle.net/10019.1/97516.

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Thesis (LLM)--Stellenbosch University, 2000.
ENGLISH ABSTRACT: Judicial management has been part of South African company law since 1926. It was introduced as a procedure to provide for a corporate rescue. Judicial management has changed little since its introduction. This is in stark contrast with the position in other jurisdictions where the need for improved corporate or business rescue procedures has received considerable attention in the last few decades. This thesis examines the suitability of judicial management as a business rescue procedure for the current South African circumstances and compares it to similar mechanisms in England and Australia. The modem economy relies on credit. Furthermore the globalisation of markets and the increase in competition between enterprises add to the unpredictability of an enterprise's economic circumstances. Thus, one of the important objectives of a corporate insolvency regime is the preservation of viable economic enterprises. A business rescue procedure such as judicial management is therefore an essential component of a corporate insolvency regime. However, judicial management needs reform. The existing shortcomings of judicial management include its high cost, the appointment of professional liquidators as business rescuers, the lack of a business rescue culture, the absence of an approved rescue plan, the treatment of judicial management as an extraordinary measure in corporate insolvency and the use of section 311 of the Companies Act as a corporate rescue mechanism. This thesis proposes that judicial management should commence with a mere resolution by the directors. This is less cumbersome than the existing procedure to commence judicial management comprising a court order. Judicial management triggers a stay of limited duration on legal proceedings that provides an essential breathing space to devise and implement a rescue plan. Once judicial management commences the creditors should hold the power to decide on the future of the company. They can therefore accept or reject a rescue plan (prepared by the judicial manager) for the restructuring of current rights and obligations and for the future management of the company. During judicial management and the execution of the rescue plan, control of the company's assets vests in the judicial manager and directors lose their powers of management. Judicial managers should be encouraged to make a success of judicial management by providing that the judicial manager cannot be appointed as the liquidator in a subsequent liquidation. Furthermore, the burden of the costs of judicial management could be eased by providing a more flexible system for the remuneration of the judicial manager. A statutory business rescue procedure interacts with other components of an insolvency regime and other areas of law. In order to optimise the positive effects of a business rescue procedure certain changes are proposed regarding statutory provisions on insolvent trading, the phenomenon of phoenix companies, section 311 of the Companies Act and tax legislation. The thesis also proposes a smooth transition from judicial management to voluntary liquidation. The thesis has an annexure with draft legislation to give effect to the principal changes proposed by it for the Companies Act.
AFRIKAANSE OPSOMMING: Geregtelike bestuur is reeds sedert 1926 deel van die Suid-Afrikaanse maatskappyereg. Dit is ingestel as 'n prosedure om maatskappye van ondergang te red. Geregtelike bestuur het sedertdien min verander. Dit is in skerp teenstelling met ander jurisdiksies wat die afgelope paar dekades toegewy gewerk het aan prosedures om korporasies en besighede te red. Hierdie tesis ondersoek die toepaslikheid van geregtelike bestuur as 'n prosedure om in die huidige Suid-Afrikaanse omstandighede besighede van ondergang te red en vergelyk dit met soortgelyke prosedures in Engeland en Australië. Moderne ekonomieë se afhanklikheid van krediet, die globalisering van markte en die toename in mededinging tussen ondernemings dra by tot die wisselvallige ekonomiese omstandighede van 'n onderneming. Die redding van lewensvatbare ondernemings is gevolglik 'n belangrike doelstelling van korporatiewe insolvensiereg. Daarom is 'n prosedure soos geregtelike bestuur om ondernemings te red 'n onontbeerlike element van korporatiewe insolvensiereg. Geregtelike bestuur moet egter hervorm word. Geregtelike bestuur het verskeie tekortkominge waaronder hoë regskoste, die aanstelling van professionele likwidateurs as persone om ondernemings te red, die gebrek aan 'n kultuur om ondernemings te red, die afwesigheid van 'n goedgekeurde reddingsplan, die hantering van geregtelike bestuur as 'n buitengewone remedie in korporatiewe insolvensiereg en die gebruik van artikel 311 van die Maatskappywet as 'n meganisme om maatskappye van likwidasie te red. Die tesis stel voor dat geregtelike bestuur met 'n blote direksiebesluit in werking gestel word. Dit is minder belemmerend as die hofbevel waarmee geregtelike bestuur tans begin word. Geregtelike bestuur stel'n moratorium van beperkte duur in werking waartydens geen geregtelike prosesse teen die maatskappyaanhangig gemaak of voortgesit kan word nie. Dit gee die maatskappy die nodige grasie om 'n reddingsplan uit te werk en te implementeer. Opsomming Geregtelike bestuur is reeds sedert 1926 deel van die Suid-Afrikaanse maatskappyereg. Dit is ingestel as 'n prosedure om maatskappye van ondergang te red. Geregtelike bestuur het sedertdien min verander. Dit is in skerp teenstelling met ander jurisdiksies wat die afgelope paar dekades toegewy gewerk het aan prosedures om korporasies en besighede te red. Hierdie tesis ondersoek die toepaslikheid van geregtelike bestuur as 'n prosedure om in die huidige Suid-Afrikaanse omstandighede besighede van ondergang te red en vergelyk dit met soortgelyke prosedures in Engeland en Australië. Moderne ekonomieë se afhanklikheid van krediet, die globalisering van markte en die toename in mededinging tussen ondernemings dra by tot die wisselvallige ekonomiese omstandighede van 'n onderneming. Die redding van lewensvatbare ondernemings is gevolglik 'n belangrike doelstelling van korporatiewe insolvensiereg. Daarom is 'n prosedure soos geregtelike bestuur om ondernemings te red 'n onontbeerlike element van korporatiewe insolvensiereg. Geregtelike bestuur moet egter hervorm word. Geregtelike bestuur het verskeie tekortkominge waaronder hoë regskoste, die aanstelling van professionele likwidateurs as persone om ondernemings te red, die gebrek aan 'n kultuur om ondernemings te red, die afwesigheid van 'n goedgekeurde reddingsplan, die hantering van geregtelike bestuur as 'n buitengewone remedie in korporatiewe insolvensiereg en die gebruik van artikel 311 van die Maatskappywet as 'n meganisme om maatskappye van likwidasie te red. Nadat geregtelike bestuur in aanvang geneem het behoort die krediteure die mag te hê om oor die toekoms van die maatskappy te besluit. Krediteure sou 'n reddingsplan (voorberei deur die geregtelike bestuurder) wat vir die herstrukturering van die regte en verpligtinge van die maatskappy en vir sy toekomstige bestuur voorsiening maak kon aanvaar of verwerp. Gedurende geregtelike bestuur en die uitvoering van die reddingsplan vestig die beheer oor die bates van die maatskappy in die geregtelike bestuurder. Die direksie verloor terselfdertyd alle bestuursbevoegdhede. Geregtelike bestuurders behoort aangemoedig te word om 'n sukses van die geregtelike bestuur te maak deur te bepaal dat 'n geregtelike bestuurder nie as likwidateur aangestel kan word indien die maatskappy uiteindelik gelikwideer word nie. Die las van hoë koste kan verlig word deur 'n buigsame stelsel van vergoeding vir die geregtelike bestuurder in te stel. 'n Statutêre reddingsprosedure vir ondernemings staan in wisselwerking met ander elemente van korporatiewe insolvensiereg en ander regsgebiede. Ten einde die positiewe uitwerking van 'n reddingsprosedure vir ondernemings te optimaliseer word sekere veranderinge ten opsigte van die wetgewing met betrekking tot handeldryf in insolvente omstandighede, die verskynsel van "phoenix" maatskappye, artikel 311 van die Maatskappywet en belastingwetgewing voorgestel. Die tesis stelook 'n gladde oorskakeling van geregtelike bestuur na vrywillige likwidasie voor. Die tesis sluit ook 'n aanhangsel met voorgestelde wetgewing in om uitvoering te gee aan die belangrikste veranderinge aan die Maatskappywet wat in die tesis voorgestel word.

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48

Pi, Lili. "The determinants of chief executive officer turnover in Chinese listed companies : An aspiration level and power perspective". Thesis, University of Ballarat, 2009. http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/57735.

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This study focuses on the determinants of CEO turnover of listed companies in China, the largest transitional and developing economy in the world, where governance institutions and structures are evolving. Drawing on the strategic change, aspiration, and CEO power literature, a CEO turnover model and a set of hypotheses have been contructed.
Doctor of Philosophy

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49

Nelson, Jodie Elizabeth. "Executive stock option disclosures by Australian listed companies: an assessment of their nature, extent and association with governance characteristics". Thesis, Queensland University of Technology, 2007. https://eprints.qut.edu.au/16557/1/Jodie_Nelson_Thesis.pdf.

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This thesis investigates statutory executive stock option (ESO) disclosures by Australian listed companies, and their nature, extent and association with governance characteristics. The study is motivated by the limited prior Australian studies that find evidence of low levels of compliance with ESO disclosures (Nelson and Percy, 2005), and by the changes in Australia's regulatory environment over the financial years 2001 to 2004. Arising from these motivations, three research questions are addressed: 1) what is the nature and extent of compliance with ESO disclosures in annual reports and does it change over time?, 2) how does corporate governance influence compliance with ESO disclosures?, and 3) what other factors influence compliance with ESO disclosures? Based on prior research and an application of agency theory, the research questions are addressed by systematically evaluating ESO disclosure compliance, and by modelling and testing the governance and other factors associated with companies' disclosure practices over the 2001 to 2004 study period. Within the agency framework, it is argued that effective governance mechanisms mitigate agency costs by decreasing information asymmetry through increased disclosure. Hence it is predicted that internal governance mechanisms, including the effectiveness of the board of directors, the effectiveness of the audit committee, the existence of a compensation committee, and management incentives are associated with the level of compliance with ESO disclosures. In addition, external governance mechanisms are predicted to influence compliance with ESO disclosures. Specifically, it is predicted that firms responded positively to the increased media and regulatory scrutiny on financial reporting practices as a result of major corporate collapses in Australia and the United States. Furthermore, it is predicted that regulatory intervention, in the form of new and comprehensive ESO disclosure requirements, as well as the authoritative guidance on valuing options and active enforcement efforts by ASIC, have contributed to increased levels of compliance. Using a combination of univariate and multivariate procedures, compliance and governance characteristics are tested over the financial years 2001 to 2004, to capture the changes in compliance over time and to examine the hypothesised relationships. The results of this thesis indicate that Australian companies do not fully comply with ESO disclosure requirements. Nevertheless, the results show that overall compliance has increased progressively from 2001 to 2004, suggesting that the increased scrutiny of companies' financial reporting practices following major corporate collapses has motivated companies to increase compliance. Notably, compliance has increased after the introduction of new and more comprehensive disclosure requirements for ESOs, as well as increased authoritative guidance and enforcement efforts by ASIC. However, despite the overall evidence of improvement in compliance levels, the results continue to reveal management's reluctance to disclose ESO information that may be considered sensitive (for example, price and value-related information). The multivariate results indicate that firms with a larger board of directors and a larger audit committee are more likely to encourage greater levels of compliance with ESO disclosures. However, a larger board of directors appears to take a holistic approach to monitoring company activities by encouraging higher overall compliance rather than focusing on specific, sensitive disclosures. Where a less independent Chairperson is present, the firm is more likely to disclose more sensitive information only, indicating a substitution effect whereby firms mitigate the agency problems associated with this lack of independence by increasing sensitive disclosures. Also, where the Chief Executive Officer's remuneration is relatively larger, companies are less forthcoming about ESO information. With respect to the influence of external corporate governance, the findings indicate that companies identified as poor performers by the Australian Shareholders' Association (a measure of external governance) exhibit lower levels of overall compliance, but not compliance with sensitive disclosures. This latter finding suggests that poorly performing firms provide similar levels of sensitive and important information as other firms, possibly to direct attention away from the low performance of the company. Consistent with prior disclosure research, other factors associated with compliance include leverage, where firms that are more highly leveraged disclose more sensitive information in an effort to become more transparent to creditors, thus reducing their monitoring costs. The use of a Big 4 auditor (a proxy for auditor quality) is associated with overall compliance, which indicates that external auditors primarily ensure that the financial report as a whole is compliant with the regulations, rather than identifying sensitive disclosures in detail, particularly where these disclosures may not have a material effect. Lastly, performance (as measured by profit or lossmaking status) is negatively associated with compliance. By investigating in detail the nature and extent of compliance with ESO disclosures over time and its relation to governance characteristics, the findings of this study demonstrate that while companies appear to lack full compliance with ESO disclosures, compliance has increased over time with active regulatory enforcement and assistance and comprehensive disclosure requirements. Of particular interest, is that the nature of compliance illustrates the very low levels of compliance with important, but sensitive, components of the required ESO disclosures. Importantly, the adoption of stronger governance structures appears to enhance compliance with ESO disclosures, including sensitive disclosures. Therefore, the findings of this study have important implications for corporate regulators, standard setters, financial statement preparers, shareholders and other users of financial reports with an interest in ESOs.

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50

Nelson, Jodie Elizabeth. "Executive stock option disclosures by Australian listed companies: an assessment of their nature, extent and association with governance characteristics". Queensland University of Technology, 2007. http://eprints.qut.edu.au/16557/.

Texto completo da fonte

Resumo:

This thesis investigates statutory executive stock option (ESO) disclosures by Australian listed companies, and their nature, extent and association with governance characteristics. The study is motivated by the limited prior Australian studies that find evidence of low levels of compliance with ESO disclosures (Nelson and Percy, 2005), and by the changes in Australia's regulatory environment over the financial years 2001 to 2004. Arising from these motivations, three research questions are addressed: 1) what is the nature and extent of compliance with ESO disclosures in annual reports and does it change over time?, 2) how does corporate governance influence compliance with ESO disclosures?, and 3) what other factors influence compliance with ESO disclosures? Based on prior research and an application of agency theory, the research questions are addressed by systematically evaluating ESO disclosure compliance, and by modelling and testing the governance and other factors associated with companies' disclosure practices over the 2001 to 2004 study period. Within the agency framework, it is argued that effective governance mechanisms mitigate agency costs by decreasing information asymmetry through increased disclosure. Hence it is predicted that internal governance mechanisms, including the effectiveness of the board of directors, the effectiveness of the audit committee, the existence of a compensation committee, and management incentives are associated with the level of compliance with ESO disclosures. In addition, external governance mechanisms are predicted to influence compliance with ESO disclosures. Specifically, it is predicted that firms responded positively to the increased media and regulatory scrutiny on financial reporting practices as a result of major corporate collapses in Australia and the United States. Furthermore, it is predicted that regulatory intervention, in the form of new and comprehensive ESO disclosure requirements, as well as the authoritative guidance on valuing options and active enforcement efforts by ASIC, have contributed to increased levels of compliance. Using a combination of univariate and multivariate procedures, compliance and governance characteristics are tested over the financial years 2001 to 2004, to capture the changes in compliance over time and to examine the hypothesised relationships. The results of this thesis indicate that Australian companies do not fully comply with ESO disclosure requirements. Nevertheless, the results show that overall compliance has increased progressively from 2001 to 2004, suggesting that the increased scrutiny of companies' financial reporting practices following major corporate collapses has motivated companies to increase compliance. Notably, compliance has increased after the introduction of new and more comprehensive disclosure requirements for ESOs, as well as increased authoritative guidance and enforcement efforts by ASIC. However, despite the overall evidence of improvement in compliance levels, the results continue to reveal management's reluctance to disclose ESO information that may be considered sensitive (for example, price and value-related information). The multivariate results indicate that firms with a larger board of directors and a larger audit committee are more likely to encourage greater levels of compliance with ESO disclosures. However, a larger board of directors appears to take a holistic approach to monitoring company activities by encouraging higher overall compliance rather than focusing on specific, sensitive disclosures. Where a less independent Chairperson is present, the firm is more likely to disclose more sensitive information only, indicating a substitution effect whereby firms mitigate the agency problems associated with this lack of independence by increasing sensitive disclosures. Also, where the Chief Executive Officer's remuneration is relatively larger, companies are less forthcoming about ESO information. With respect to the influence of external corporate governance, the findings indicate that companies identified as poor performers by the Australian Shareholders' Association (a measure of external governance) exhibit lower levels of overall compliance, but not compliance with sensitive disclosures. This latter finding suggests that poorly performing firms provide similar levels of sensitive and important information as other firms, possibly to direct attention away from the low performance of the company. Consistent with prior disclosure research, other factors associated with compliance include leverage, where firms that are more highly leveraged disclose more sensitive information in an effort to become more transparent to creditors, thus reducing their monitoring costs. The use of a Big 4 auditor (a proxy for auditor quality) is associated with overall compliance, which indicates that external auditors primarily ensure that the financial report as a whole is compliant with the regulations, rather than identifying sensitive disclosures in detail, particularly where these disclosures may not have a material effect. Lastly, performance (as measured by profit or lossmaking status) is negatively associated with compliance. By investigating in detail the nature and extent of compliance with ESO disclosures over time and its relation to governance characteristics, the findings of this study demonstrate that while companies appear to lack full compliance with ESO disclosures, compliance has increased over time with active regulatory enforcement and assistance and comprehensive disclosure requirements. Of particular interest, is that the nature of compliance illustrates the very low levels of compliance with important, but sensitive, components of the required ESO disclosures. Importantly, the adoption of stronger governance structures appears to enhance compliance with ESO disclosures, including sensitive disclosures. Therefore, the findings of this study have important implications for corporate regulators, standard setters, financial statement preparers, shareholders and other users of financial reports with an interest in ESOs.

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