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Articles 1 - 30 of 144
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Responsible Financing?: The Equator Principles And Bank Disclosures, J. Andrew
Responsible Financing?: The Equator Principles And Bank Disclosures, J. Andrew
Faculty of Business - Accounting & Finance Working Papers
The purpose of this paper is to consider the impact of the Equator Principles on banking disclosures. The research explores whether signatory banks are disclosing information related to their obligations under the Equator Principles and discusses the types of disclosures being made publicly available. The research illustrates that banks are disclosing very little information to help users assess the impact the Equator Principles have had on these banks practices. It is also suggested that banks are reframing their identity through these principles, but it is still difficult to assess whether this is also transforming practice. There is little academic research …
Australian Commonwealth Public Sector Environmental Reporting In A New Public Managerialism Environment, G. Bowrey
Faculty of Business - Accounting & Finance Working Papers
The environmental impact of organisations operations on the environment has come under significantly increased public awareness, over the past two decades. Even so, most organisations in Australia are not required by regulation to report on the impact of their organisations on the environment. Some organisations have been voluntarily providing reports to varying degrees on their environmental performance and management, however the only legislated environmental reporting requirement for private sector organisations in Australia is to report breaches of environmental laws and licences in their annual reports (Section 299(1) Corporations Act 2001). In the public sector the situation is slightly different. The …
Corporate Social Responsibility Reporting Of Two Note-Issuing Banks In Hong Kong, F. Hui, G. Bowrey
Corporate Social Responsibility Reporting Of Two Note-Issuing Banks In Hong Kong, F. Hui, G. Bowrey
Faculty of Business - Accounting & Finance Working Papers
The environmental performance and management disclosure of organisations has over the past decade come under increased scrutiny due to a number of factors including, in particular, the impact organisations have had on the world’s environment and the corresponding rapid change in the world’s climate. These concerns have made organisations, including financial institutions, review the level of their environmental performance and management disclosures to demonstrate, amongst other objectives, their level of social responsibility. Financial institutions due to the nature of their business are not generally seen to contribute directly to the degradation of the environment however they do provide the funds …
A Comparative Analysis Of Oil As A Risk Factor In Australian Industry Stock Returns, 1980-2006, Evan J. Mcsweeney, Andrew C. Worthington
A Comparative Analysis Of Oil As A Risk Factor In Australian Industry Stock Returns, 1980-2006, Evan J. Mcsweeney, Andrew C. Worthington
Faculty of Business - Accounting & Finance Working Papers
This paper uses a multifactor model to examine the role of crude oil as a pricing factor in Australian excess industry returns over the period January 1980 to August 2006. A dynamic model is also specified to provide insights into the relationship between the stock market and past oil price movements. The macroeconomic factors comprise the market portfolio, oil prices, exchange rates and the term premium. The nine industries include banking, diversified financials, energy, insurance, media, property trusts, materials, retailing and transportation. The results indicate that oil prices are an important determinant of returns in the banking, energy, materials, retailing …
A State Of The Art Review Of Residential Water Demand Modelling, A. C. Worthington, M. Hoffman
A State Of The Art Review Of Residential Water Demand Modelling, A. C. Worthington, M. Hoffman
Faculty of Business - Accounting & Finance Working Papers
The increased reliance on demand-side management policies as an urban water consumption management tool has stimulated considerable debate among economists, water utility managers, regulators, consumer interest groups and policymakers. In turn, this has fostered an increasing volume of literature aimed at providing best-practice estimates of price and income elasticities, quantifying the impact of non-price water restrictions and gauging the impact of nondiscretionary environmental factors affecting residential water demand. This paper provides a synoptic survey of empirical residential water demand analyses conducted in the last twenty-five years. Both model specification and estimation and the outcomes of the analyses are discussed.
Accumulation And Scarcity: An Accountability Safari, K. Rudkin, K. Cooper
Accumulation And Scarcity: An Accountability Safari, K. Rudkin, K. Cooper
Faculty of Business - Accounting & Finance Working Papers
Traditional notions of accountability and corporate governance derived from institutions of advanced capitalist states are argued to be inadequate for global gifting relationships, such as those exemplified in the Live 8 and G8 events of 2005. This paper demonstrates using a literature based analysis and critique, and that ideas of accountability have narrowed over time from a broader idea of stewardship for a community to accountability to the providers of capital. It is argued that this has lead to the inadequacy of accountability and corporate governance mechanisms for calling to account economic relationships between geographically remote donor recipient relationships between …
Value For Money? Neoliberalism And New South Wales Prisons, J. Andrew, D. Cahill
Value For Money? Neoliberalism And New South Wales Prisons, J. Andrew, D. Cahill
Faculty of Business - Accounting & Finance Working Papers
The NSW prison sector has undergone considerable reform over the last ten years. The NSW government now oversee the operation of publicly managed prisons, one privately managed prison and a number of new public prisons operating under the new ‘Way Forward’ management model. In order to establish which approach to prison management offered the best value for money, the NSW government undertook a ‘value for money’ assessment in 2005. In this paper, we argue the cost accounting information used in the assessment process was limited and partial, and provided a poor basis on which to form policy. Even so, the …
Accounting In The Global Environment, M. Gaffikin
Accounting In The Global Environment, M. Gaffikin
Faculty of Business - Accounting & Finance Working Papers
Internationalisation has been an important consideration for business practice for some time. Accounting has attempted to facilitate this through the creation of an international regulatory framework. Notions of internationalization have now been superseded by that of globalisation. However, there have been resistances and their impact on accounting are discussed
Accounting Theory And Practice: The Ethical Dimension, M. Gaffikin
Accounting Theory And Practice: The Ethical Dimension, M. Gaffikin
Faculty of Business - Accounting & Finance Working Papers
It has often been suggested by some that the expression business ethics is an oxymoron – it employs contradictory terms because business seeks to optimise or maximise gains from its operations while ethics implies a very different basis for business practices. However, although the more cynically minded would seriously subscribe to this view, there has been a very dramatic upturn in an interest in ethical considerations by business leaders and professional business organisations partly as a result of the demands of societies which have had to bear the cost of spectacular corporate collapses and the unscrupulous business activities of a …
A Primer On Islamic Finance: Definitions, Sources, Principles And Methods, A. H. Gait, A. C. Worthington
A Primer On Islamic Finance: Definitions, Sources, Principles And Methods, A. H. Gait, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
Islamic finance is one of the most rapidly growing segments of the global financial system. However, despite the increasing importance of Islamic finance, particularly in developing economies in the Middle East and South-East Asia, religious and social complexity has acted against a fuller understanding by regulators, policymakers, researchers and practitioners. This paper provides a succinct and accessible analysis of the definition, sources, principles and methods of Islamic finance. This serves as a suitable starting point for further work into Islamic finance and many of the pressing regulatory, supervisory and competitive issues that remain as yet unaddressed.
An Empirical Note On The Holiday Effect In The Australian Stock Market, 1996-2006, George Marrett, A. C. Worthington
An Empirical Note On The Holiday Effect In The Australian Stock Market, 1996-2006, George Marrett, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
This note examines the holiday effect in Australian daily stock returns at the market and industry levels and for small capitalisation stocks from Monday 9 September 1996 to Friday 10 November 2006. The eight annual holidays specified are New Years Day, Australia Day (26 January), Easter Friday and Easter Monday, ANZAC Day (25 April), the Queen’s Birthday (second Monday in June), Christmas Day and Boxing Day. A regression-based approach is employed. The results indicate that the Australian market overall provides evidence of a pre-holiday effect in common with small cap stocks. However, the market level effect appears to be solely …
Northerners Counting Black Elephants: On Safari With Live 8 And G 8, K. Rudkin, K. Cooper
Northerners Counting Black Elephants: On Safari With Live 8 And G 8, K. Rudkin, K. Cooper
Faculty of Business - Accounting & Finance Working Papers
Purpose – To demonstrate the inadequacy of traditional concepts of accountability and corporate governance for global gifting relationships, as exemplified in the Live 8 and G 8 events. An alternative construct of value in exchange is proposed. Design / Methodology / Approach – A discussion paper using a literature based analysis and critique. Findings – Accounting avoids social responsibility by denying culturally determined legitimate meanings of value other than those constructed from an economic perspective. New accountability and corporate governance mechanisms are needed for donor/recipient relationships. Research limitatations / Implications – The arguments advanced should be further explored in alternate …
Accounting Education In The Institution Known As The University: Alibis Of Social Relevance, K. M. Mccombie
Accounting Education In The Institution Known As The University: Alibis Of Social Relevance, K. M. Mccombie
Faculty of Business - Accounting & Finance Working Papers
The purpose of this paper is to examine the changes, if any, that have taken place in terms of the social relevance of accounting education in Australian Universities. In order to comment on the notion of social relevance, this paper examines the notion of alibis as put forward by Simon (2001). The past is reviewed in terms of the roles that accounting education has played in the Australian community. It is concluded that university education, and specifically accounting education, in an Australian context has never entirely been what Simon (2001) would label as ‘traditional scholarly’ (his first alibi). A second …
Accounting By Women: Fear, Favour And The Path To Professional Recognition For Australian Women Accountants, K. Cooper
Faculty of Business - Accounting & Finance Working Papers
This paper traces the campaign by women in Australia to gain admission to accounting bodies. The opposition to female membership of accounting bodies is set within the context of views of the abilities and place of women at the time. In general, women had neither the nature nor the intelligence for the commercial world. Even if women were mentally equipped for commercial work, this was contrary to nature because women should be companions to men not competitors. However, two crises saw the beginning of the acceptance of women as members of accounting bodies. One such crisis was the monetary impact …
The Agora Pnyx Paradox, George M. Mickhail
The Agora Pnyx Paradox, George M. Mickhail
Faculty of Business - Accounting & Finance Working Papers
The avatars of the new capitalism are decreeing how the larger economy should evolve, and follow their efficient reconfigurations of human, technological and physical resources, because it adds up to more freedom. This presented the political space with the opportunity to converge with the economic space. The result was the corporatisation of government that is inherently neo-liberal (or neo-conservative) that often produced analysis-free policies. Coupled with that, was the evolution of the passive consumer-citizen. These three challenges facing our transparent society bring into question the legitimacy of a democratic process, that seems to be driven by cultural forms which celebrate …
Contributions To Local Government Accountability In Colonial New South Wales - 1893-1894, T. Watts, Ciorstan J. Smark
Contributions To Local Government Accountability In Colonial New South Wales - 1893-1894, T. Watts, Ciorstan J. Smark
Faculty of Business - Accounting & Finance Working Papers
Accountability innovations are often a eflection of social, political and economic relationships of the time and are not always made by accounting professionals. This article reports the contributions made to local government accountability in colonial New South Wales, by a medical practitioner, Dr John Spark. His contributions relate specifically to the financial management and reporting practices of the Katoomba Municipal Council (NSW), during his tenure as Alderman and Mayor in 1893 and 1894. Spark’s innovations included the regular reporting and reviewing of major expenditure items, separate reporting of extraordinary items, separation of capital expenditure and recurrent expenditure, the presentation of …
An Empirical Survey Of Individual Consumer, Business Firm And Financial Institution Attitudes Towards Islamic Methods, A. H. Gait, A. C. Worthington
An Empirical Survey Of Individual Consumer, Business Firm And Financial Institution Attitudes Towards Islamic Methods, A. H. Gait, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
Islamic finance – financial institutions, products and services designed to comply with the central tenets of Sharia (Islamic law) – is one of the most rapidly growing segments in global financial services. However, despite its growing importance, it is only relatively recently that attempts have been made to evaluate the attitudes, perceptions and knowledge of current and potential consumers and providers of Islamic financial products and services. This article provides a synoptic survey of the comparatively few empirical analyses of attitudes, perceptions and knowledge of Islamic finance. Individual consumer, business firm and financial institution attitudes to Islamic finance are examined …
Evidence Of Financial Integration In Asia: An Empirical Application Of Panel Unit Root Tests And Multivariate Cointegration And Causality Procedures, A. C. Worthington, H. Higgs
Evidence Of Financial Integration In Asia: An Empirical Application Of Panel Unit Root Tests And Multivariate Cointegration And Causality Procedures, A. C. Worthington, H. Higgs
Faculty of Business - Accounting & Finance Working Papers
This paper measures the extent of financial integration and interdependence among Asian equity markets over the period January 1993 to June 2006 using daily data. The analysis includes three developed markets (Hong Kong, Japan and Singapore) and eight emerging markets (China, India, Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand). The study uses panel unit root tests to test for non-stationarity, and conducts multivariate cointegration, Granger causality and level VAR procedures and variance decomposition are conducted to examine the equilibrium and causal relationships between these markets. The results indicate that there is a stationary long-run equilibrium relationship among, and significant …
Assessing Financial Integration In European Union Equity Markets, 1990-2006: Panel Unit Root And Multivariate Cointegration And Causality Evidence, A. C. Worthington, H. Higgs
Assessing Financial Integration In European Union Equity Markets, 1990-2006: Panel Unit Root And Multivariate Cointegration And Causality Evidence, A. C. Worthington, H. Higgs
Faculty of Business - Accounting & Finance Working Papers
This paper measures financial integration among selected European Union equity markets over the period July 1990 to June 2006 using daily data. Eleven markets (Austria, Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Netherlands, Spain and the United Kingdom) are included in the analysis. Panel unit root tests are used to test for non-stationarity, and multivariate cointegration, Granger causality and level VAR procedures and variance decompositions are conducted to examine the equilibrium and causal relationships among these markets. The results indicate that there is a stationary long-run equilibrium relationship among, and significant and substantial short and long-run causal linkages between, these …
Modelling The Usage And Understanding Of Financial Products: An Empirical Analysis Of Australian Owner-Occupied And Investor Mortgages, A. C. Worthington
Modelling The Usage And Understanding Of Financial Products: An Empirical Analysis Of Australian Owner-Occupied And Investor Mortgages, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
Binary logit models are used to predict usage and understanding of owner-occupied and investor mortgages on the basis of demographic, socioeconomic and financial characteristics. The data is drawn from the 2003 ANZ Survey of Adult Financial Literacy in Australia and relates to 3,548 respondents. Factors examined include financial literacy, gender, age, ethnicity, occupation, educational level and family structure, along with household income, savings and debt. Understanding is defined in terms of knowledge of mortgage rates, fees and charges and familiarity with key mortgage terms. The results indicate that being middle-aged or a couple with children increases the likelihood of an …
Linking Theory And Praxis Through Concepts Theories: Providing A Conceptual Face For The Strategic Balanced Scorecard, T. Watts, C J. Mcnair-Connolly
Linking Theory And Praxis Through Concepts Theories: Providing A Conceptual Face For The Strategic Balanced Scorecard, T. Watts, C J. Mcnair-Connolly
Faculty of Business - Accounting & Finance Working Papers
Over the past few years, criticisms, that many of the management accounting techniques of the last decade lack integrated theories that provide a deeper explanation of the technical phenomena constructed, have been levelled by management accounting researchers. The implications of the conclusions drawn by Ittner and Larcker (2001) and Zimmerman (2001), that research relating to practitioner-oriented techniques has neglected the broader theoretical context, is challenged by reference to existing theoretical concepts that provide this underpinning and through this a more complete understanding of the technique. One recent technique developed has been Kaplan and Norton’s strategic balanced scorecard, to which this …
Whether The Weather: A Comprehensive Assessment Of Climate Effects In The Australian Stock Market, A. C. Worthington
Whether The Weather: A Comprehensive Assessment Of Climate Effects In The Australian Stock Market, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
The paper examines the impact of weather-related moods and feelings on the Australian stock market over the period 1958 to 2005. Eleven daily weather elements (precipitation, evaporation, relative humidity, maximum and minimum temperature, average daytime temperature, hours of bright sunshine, and the speed and direction of the maximum wind gust and the average daytime wind) are included in the analysis, along with daily nominal and real market returns. Non-parametric correlation analysis and autoregressive moving average (ARMA) models are employed, supplying strong evidence of sustained inertia and overreaction in market returns, and non-normally distributed, highly interrelated, but stationary, weather conditions. But …
Mary Addison Hamilton, Australia’S First Lady Of Numbers, K. Cooper, A Kurtovic
Mary Addison Hamilton, Australia’S First Lady Of Numbers, K. Cooper, A Kurtovic
Faculty of Business - Accounting & Finance Working Papers
In the early 20th century, the restriction of women entering the accounting as well as other professions was common, yet Australia’s first lady of numbers, Mary Addison Hamilton (Addie) has also been Australia’s forgotten pioneer. Addie became the first woman admitted to membership of a recognised professional accounting body in the British Commonwealth during a time when women’s admission to the accounting arena was strongly discouraged. This paper will attempt to explain why it is that Addie’s outstanding achievement has gone unnoticed by the modern day accounting profession rating no mention in Australian accounting history literature. Was it a case …
The Critique Of Accounting Theory, M. Gaffikin
The Critique Of Accounting Theory, M. Gaffikin
Faculty of Business - Accounting & Finance Working Papers
In previous papers (Gaffikin 2005a, 2005b, 2005c, 2006) the discussion has examined accounting as a science, with attempts to employ a scientific methodology; as a purely technical expression of economic theory, heavily dominated by research in finance; and as part of “law”, albeit law (regulation) heavily influenced by dominant economic and political ideology. That discussion revealed that all these perspectives have suffered from severe shortcomings. Fortunately, there are other perspectives on accounting which may prove more fruitful and some of these will be discussed in this paper. A common element in many of these alternatives approaches is to view accounting …
Stochastic Price Modelling Of High Volatility, Mean-Reverting, Spike-Prone Commodities: The Australian Wholesale Electricity Market, H. Higgs, A. C. Worthington
Stochastic Price Modelling Of High Volatility, Mean-Reverting, Spike-Prone Commodities: The Australian Wholesale Electricity Market, H. Higgs, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
It is commonly known that wholesale spot electricity markets exhibit high price volatility, strong mean-reversion and frequent extreme price spikes. This paper employs a basic stochastic model, a mean-reverting model and a regime-switching model to capture these features in the Australian national electricity market (NEM), comprising the interconnected markets of New South Wales, Queensland, South Australia and Victoria. Daily spot prices from 1 January 1999 to 31 December 2004 are employed. The results show that the regimeswitching model outperforms the basic stochastic and mean-reverting models. Electricity prices are also found to exhibit stronger mean-reversion after a price spike than in …
Prisons, The Profit Motive And Other Challenges To Accountability, J. Andrew
Prisons, The Profit Motive And Other Challenges To Accountability, J. Andrew
Faculty of Business - Accounting & Finance Working Papers
It has been argued that “accountability is the linchpin of the correctional system” (Freiberg, 1999, p 120) and needs to be a central feature of any prison system. It is here that care needs to be taken. Accountability in its modern manifestation has become a largely technical and instrumental process, yet accountability for prison policies and practices has an undeniable moral component that needs to be addressed in order for public accountability to be meaningful within this domain. In Australia, accountability for private prisons has emphasised performance measures, contractual compliance and monitoring, and this has often led to poor outcomes …
Efficiency In The Australian Stock Market, 1875-2006: A Note On Extreme Long-Run Random Walk Behaviour, A. C. Worthington, H. Higgs
Efficiency In The Australian Stock Market, 1875-2006: A Note On Extreme Long-Run Random Walk Behaviour, A. C. Worthington, H. Higgs
Faculty of Business - Accounting & Finance Working Papers
This note examines the weak-form market efficiency of the Australian stock market. Daily returns from 6 January 1958 to 12 April 2006 and monthly returns from February 1875 to December 2005 are examined for random walks using serial correlation coefficient and runs tests, Augmented Dickey-Fuller, Phillips-Perron and Kwiatkowski, Phillips, Schmidt and Shin unit root tests and multiple variance ratio tests. The serial correlation tests indicate inefficiency in daily returns and borderline efficiency in monthly returns, while the runs tests conclude that both series are weak-form inefficient. The unit root tests suggest weak-form inefficiency in both return series. The results of …
The Value Of Prerequisites: Providing The Links Between Understanding And Progression, V. Baard, T. Watts
The Value Of Prerequisites: Providing The Links Between Understanding And Progression, V. Baard, T. Watts
Faculty of Business - Accounting & Finance Working Papers
This paper contributes to the debate about understanding and progression provided through the use of discipline specific prerequisites. The results were compared of those students from 2003 2004 and 2005 completing the subject Principles of Finance and who had, or had not, completed the subject Business Statistics, a desired but not a formal prerequisite for Business Finance. First, the average mark in Principles of Finance for all students who had completed Business Statistics was compared to the average mark of all students who had not completed Business Statistics. Second, the average pass mark for all students in Principles of Finance …
The Fall Of Management Accounting: The Nira And The Homogenization Of Cost Practices In The U.S., C J. Mcnair-Connolly, T. Watts, R. Vangermeersch
The Fall Of Management Accounting: The Nira And The Homogenization Of Cost Practices In The U.S., C J. Mcnair-Connolly, T. Watts, R. Vangermeersch
Faculty of Business - Accounting & Finance Working Papers
This paper explores the impact of societal trends on cost practices, and the management techniques used to support business structures, within the United States. Specifically, the influence of the National Industrial Recovery Act [NIRA] on the development of the costing and pricing policies is explored from the perspective of social rule system theory. The premise of the paper is that the NIRA, as enforced through the symbol of the "Blue Eagle" displaced the free market economy in the United States. This resulted in a pseudo-competitive market structure where full cost recovery and the earning of a fair and reasonable profit …
The Decline And Fall Of Seasonality In The Australian Stock Exchange, 1958-2005, A. C. Worthington
The Decline And Fall Of Seasonality In The Australian Stock Exchange, 1958-2005, A. C. Worthington
Faculty of Business - Accounting & Finance Working Papers
This paper examines calendar effects in Australian daily stock returns over the forty-seven years from 6 January 1958 to 30 December 2005. Three principal calendar effects – day-of-the-week, day-of-the-month and month-of-the-year – are examined separately and jointly using parametric tests of differences in means and variances and a regression-based approach. The results indicate that the Australian market is characterised by seasonality of all three forms, with Tuesday, December and the second day of the month among the most significant. However, there is also evidence of structural change in these relationships, with indications that the market has become more efficient in …