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Full-Text Articles in Business

Centrelink Prosecutions At The Employment/Benefit Nexus: A Case Study Of Wollongong, Freda Hui, Lee Moerman, Kathy Rudkin Jan 2011

Centrelink Prosecutions At The Employment/Benefit Nexus: A Case Study Of Wollongong, Freda Hui, Lee Moerman, Kathy Rudkin

Faculty of Commerce - Papers (Archive)

This report examines financial and social issues pertaining to Centrelink prosecutions for overpayments of unemployment‐related social security benefits. Specifically, it examines the circumstances of prosecutions of those returning to work, and those in precarious casual employment. A sample of overpayment prosecutions in the Wollongong area of New South Wales from July 2008 to June 2010 is profiled and analysed.


Is For Government Climate Change Adaptation Activities: An Exploratory Case Study, Stephen Smith, Donald Winchester, Helen M. Hasan, Patrick Finnegan Jan 2011

Is For Government Climate Change Adaptation Activities: An Exploratory Case Study, Stephen Smith, Donald Winchester, Helen M. Hasan, Patrick Finnegan

Faculty of Commerce - Papers (Archive)

This paper reports a case study of climate change adaptation activities of the New South Wales Government’s Climate Change Working Group where ten agencies have responsibility for thirty-five long-term activities. A concurrent Data-Centre Consolidation project has highlighted the mammoth amount of data held by different agencies that must be integrated into information to adequately support these adaptation activities. Our analysis of data collected from interviews and documents reveals the potential of a retrospective ontology capability, and a unique citizen record in enabling this integration. Adaptation activities require resolution of differences in the perspectives of government agencies and citizens and changes …


The Role Of The United States Coast Guard In Marine Environmental Protection: The Uscgc Alex Haley Example, Ted Watts, Carol J. Mcnair-Connolly Jan 2011

The Role Of The United States Coast Guard In Marine Environmental Protection: The Uscgc Alex Haley Example, Ted Watts, Carol J. Mcnair-Connolly

Faculty of Commerce - Papers (Archive)

Few countries in the world task their military with the role of marine pollution response in addition to its responsibility as a military service. One country that does is the United States of America. The United States Coast Guard has, in addition to its military and security missions, the task of marine pollution response and enforcement. This program includes the prevention of oil and chemical spills, unauthorized ocean dumping and to prevent the introduction of invasive marine species into the maritime environment . This paper considers the operational and environmental costs associated with a major oil spill and the revenue …


Personality And Motivation Matter In Touring Holidays: A Preliminary Investigation Into Heterogeneity Among Touring Travelers, John Gountas, Sara Dolnicar, Sandra Gountas Jan 2011

Personality And Motivation Matter In Touring Holidays: A Preliminary Investigation Into Heterogeneity Among Touring Travelers, John Gountas, Sara Dolnicar, Sandra Gountas

Faculty of Commerce - Papers (Archive)

Touring travelers represent a significant market in Australia and are expected to play an even larger role in the future. Yet, to date, they are viewed and treated like one large homogeneous market. The aim of the present study was to question this assumption and investigate whether distinct segments exist among touring travelers. Results, based on an empirical study of 430 Australian travelers, indicate that at least two distinct segments can be constructed which differ in travel motivations, sociodemographics, and personality characteristics. These findings can be used to segment and harvest the market of tourist travelers through the development of …


Professional Learning In The Business Curriculum: Engaging Industry, Academics And Students, Michael Zanko, Theo Papadopoulos, Tracy Taylor, Eveline Fallshaw, Romy Lawson Jan 2011

Professional Learning In The Business Curriculum: Engaging Industry, Academics And Students, Michael Zanko, Theo Papadopoulos, Tracy Taylor, Eveline Fallshaw, Romy Lawson

Faculty of Commerce - Papers (Archive)

Professional Learning has become a feature of business curricula in universities around the world. The term "professional learning" (PL) is often used to encapsulate dimensions of educational programs that highlight contemporary industry issues explicitly linked to industry and professional bodies. PL encompasses the skills, qualities and attributes that are required by industry and the processes through which those skills are acquired. It encourages deep learning in relation to the student's future profession, and includes industry engagement, work-integrated learning and authentic learning environments.This paper describes a typology of approaches to PL derived from a national study of good practices in business …


A Regional Wil Model: Sharing A New Approach, Bonnie Amelia Dean, Graham D. Bowrey, Mike Clements Jan 2011

A Regional Wil Model: Sharing A New Approach, Bonnie Amelia Dean, Graham D. Bowrey, Mike Clements

Faculty of Commerce - Papers (Archive)

As work-integrated learning (WIL) becomes embedded in the higher education sector, it presents an unprecedented opportunity for practitioners to learn from one another. The challenges of implementing a WIL program are widely known among the WIL community. These challenges often relate to the flexibility and diversity afforded models both within and between institutions. Many institutions have begun internally sharing practices; however, missing in the literature is circulation of this information to facilitate learning across domains. This paper is positioned in the nexus of WIL cross-institutional dissemination. It is hoped that this paper will achieve two aims, the dissemination and application …


A Centre Of International Trade And Transport Logistics, Eric Deakins, Paul Childerhouse, Tillmann Boehme Jan 2011

A Centre Of International Trade And Transport Logistics, Eric Deakins, Paul Childerhouse, Tillmann Boehme

Faculty of Commerce - Papers (Archive)

Achieving superior productivity and growth, and understanding how to best manage cost-efficient, environmentally-friendly modes of integrated transport is of vital importance to a nation's strategic interests. Yet in an era of increasing sensitivities toward greenhouse gas emissions and the ‘greening’ of business many countries lack educational facilities which are dedicated to understanding multi-modal transport logistics and sustainable supply chains that can extend to international trading partners. This paper explains in detail a proposed centre of excellence concept that was developed for the New Zealand Chartered Institute of Logistics and Transport (CiLT). By facilitating intensive business collaborations and engaging industry directly …


Informing Implementers Of Lean Strategy In Process Industries - The Central Role Of Schedulers, Peter Caputi, Tim Coltman, Irit Alony Jan 2011

Informing Implementers Of Lean Strategy In Process Industries - The Central Role Of Schedulers, Peter Caputi, Tim Coltman, Irit Alony

Faculty of Commerce - Papers (Archive)

Lean strategy has been recognized for its benefits to discrete manufacturing industries world-wide. However, implementing Lean strategy in process industries has proven difficult. In an at-tempt to address this problem, this paper identifies scheduler’s decisions as crucial to the success-ful execution of Lean strategy. The paper examines existing descriptions of schedulers and their roles, in search of their potential impact on this execution. Using a case study from the Austra-lian steel industry, empirical evidence shows that schedulers are critical to the success of Lean strategy. Two paths of impact are suggested: (1) schedulers’ role as negotiators and facilitators of business …


Does Managerial Signalling Behaviour Affect Conflict During Npd Projects: An Exploratory Study, Elias Kyriazis, Les Johnson, Paul Couchman Jan 2011

Does Managerial Signalling Behaviour Affect Conflict During Npd Projects: An Exploratory Study, Elias Kyriazis, Les Johnson, Paul Couchman

Faculty of Commerce - Papers (Archive)

Cross-functional relationships during NPD projects have received considerable researchattention with an emphasis on achieving successful integration and avoiding harmfulconflict. The purpose of this paper is to develop and test an exploratory model examiningthe effects of managerial signalling behaviour, at top management and functional level,on conflict in cross-functional working relationships. Focussing on working relationshipbetween marketing managers and R&D managers in 184 new product developmentprojects in Australia this study examines the antecedents of conflict as reported by theR&D Manager. This study provides empirical support for the proposition that while topmanagement actions are useful in facilitating integration, the way a manager perceivestheir functional …


Suggesting A Practical Agenda For Green Is - Recent Solutions Within A Framework Of Efficiency, Information, And Effectiveness, Helen M. Hasan, Irit Alony Jan 2011

Suggesting A Practical Agenda For Green Is - Recent Solutions Within A Framework Of Efficiency, Information, And Effectiveness, Helen M. Hasan, Irit Alony

Faculty of Commerce - Papers (Archive)

Awareness of environmental sustainability and ecological issues is growing, and different industry sectors are seeking ways to address them effectively. The Information Systems (IS) community is in a position to make a significant contribution to environmental efforts, not only by mitigating its own impact, but also by guiding the activities of other communities. To support environmental efforts, or to become more ―Green‖, several Green fields and research streams have emerged. Previous Green IT research focused on mitigating and reducing the impact of IT production and manufacturing, whereas Green IS research has the ability to re-design modern activities to support environmental …


Accounting For Corruption: Abuse Of Rank And Privilege, Kathleen A. Cooper, Ian K. Fargher Jan 2011

Accounting For Corruption: Abuse Of Rank And Privilege, Kathleen A. Cooper, Ian K. Fargher

Faculty of Commerce - Papers (Archive)

Rank, privilege and responsibility should be inseparable. However, investigations ofcorporate scandals typically reveal rank, privilege and irresponsible behaviour gohand in hand. The publicity and recriminations surrounding corporate scandals tendto focus first on corporate executives implicated in poor management or otherinappropriate behaviour and then on the relevant regulators. Where financialmanipulation is revealed, the external auditor also comes under scrutiny. Thedeficiencies in corporate regulation including accounting and audit standards aresubject to less public inspection but are often the subject of enquiry by governmentappointedbodies. Recommendations for regulatory reform follow and the public isassured the risk of similar scandals is minimised or at least …


The Iron Cage Of The Profession: A Critique On Closure In The Australian Accounting Profession, Ronald W. Perrin, Gregory K. Laing Jan 2011

The Iron Cage Of The Profession: A Critique On Closure In The Australian Accounting Profession, Ronald W. Perrin, Gregory K. Laing

Faculty of Commerce - Papers (Archive)

This paper seeks to contribute to the literature on the process of closure that occurs within the constructs of professions. The discussion in this paper focuses on the professional accounting bodies in Australia and how they have devolved a form of bureaucratic control over the education process through the credentialing of membership and accreditation of accounting degrees. Weber's theory of bureaucracy in conjunction with Closure theory provide the framework upon which this critique is drawn. Implicit in the regulatory role of the accounting bodies is the justification of the practice of accounting and the status of the members of the …


Venture Capital And Executive Incentives In China, Jerry Cao, Qigui Liu, Gary G. Tian Jan 2011

Venture Capital And Executive Incentives In China, Jerry Cao, Qigui Liu, Gary G. Tian

Faculty of Commerce - Papers (Archive)

This paper examines the effect that venture capital (VC) has on the pay-performancerelationship in listed Chinese firms. We find that VC has a significantly positive effect onCEO compensation and the pay-performance relationship, such effect particularly stronger infirms needing more managerial efforts and discretions (higher growth opportunity or higherlevels of capital expenditure). In addition, we show that VC-backed firms with moremanagerial discretions are more likely to use stock options. The evidence suggests thatventure capital investors use more sensitive compensation contract for top executives inChinese when the need for managerial discretion is greater. Such compensation schemes byVCs enhance firm performance subsequently.


Supply Chain Integration And Pathways Of Least Resistance, Tillmann Boehme, Paul Childerhouse, Eric Deakins, Denis Towill Jan 2011

Supply Chain Integration And Pathways Of Least Resistance, Tillmann Boehme, Paul Childerhouse, Eric Deakins, Denis Towill

Faculty of Commerce - Papers (Archive)

Exploratory, site-centred research used a systems theory lens to investigate real-world pathways to supply chainintegration. The longitudinal studies involved four New Zealand-based case companies and utilised a rigorous, multimethodsupply chain integration benchmarking procedure. Findings indicate that, regardless of best practicerecommendations, supply chain managers adopt the integration pathway favoured by senior management in order tosecure the level of authority they need for often cross-functional projects. Similarly when seeking to improve externalrelationships, integration pathways that would have the company negotiating from a position of strength are favoured,even though more effective negotiation strategies may be possible. In short, supply chain managers appear to …


Professionalism And Social Networking: Can Patients, Physicians, Nurses, And Supervisors All Be `Friends'?, Joy V. Peluchette, Katherine Karl, Alberto Coustasse, Phil Rutsohn, Dennis Emmett Jan 2011

Professionalism And Social Networking: Can Patients, Physicians, Nurses, And Supervisors All Be `Friends'?, Joy V. Peluchette, Katherine Karl, Alberto Coustasse, Phil Rutsohn, Dennis Emmett

Faculty of Commerce - Papers (Archive)

This study examines the use of Facebook by certified nurse anesthetist students. Our results showed that, contrary to expectations, most were neutral about faculty, physicians, and supervisors viewing their Facebook profiles but expressed concerns about patients seeing such information. Many (30%) of our respondents had observed unprofessional content posted on the social network sites of their classmates including: intoxication or substance abuse, profanity, sexually suggestive photos or comments, and negative work-related comments. A vast majority indicated they would accept a ‘friend’ request from their supervisor and a physician but not a patient. Surprisingly, about 40% had initiated a ‘friend’ request …


Predicting Online Travel Purchases: The Case Of Switzerland, Christian Laesser, Anita Zehrer Jan 2011

Predicting Online Travel Purchases: The Case Of Switzerland, Christian Laesser, Anita Zehrer

Faculty of Commerce - Papers (Archive)

This paper examines why and under what conditions prospective travellers complete their bookings through online services compared to other methods. The study is based on a representative survey within 1,898 Swiss households, recording their travel behaviour during the entire year 2007. The results show that the likelihood of booking online increases if someone is drawn to a website to gather information in the first place and if the product sold through the website is transparent and well-understood (either 'per se' or because the customer is familiar with the product) or if any other booking-related communication would impose a financial charge …


Race Matters: Whether We Know It, Or Like It, Or Not: Implicit Racial Attitudes And Their Effect On Accounting-Based, Balanced Scorecard Performance Evaluations, David R. Upton, Cecil E. Arrington Jan 2011

Race Matters: Whether We Know It, Or Like It, Or Not: Implicit Racial Attitudes And Their Effect On Accounting-Based, Balanced Scorecard Performance Evaluations, David R. Upton, Cecil E. Arrington

Faculty of Commerce - Papers (Archive)

One of the dominant themes in critical accounting theory over the past two decades has to do with the relation between the construction of human identities and accounting discourse and practices. Though with strong antecedents in Marxist –inspired critique of ideology, genealogical studies (e.g., Miller & O’Leary, 19XX), deconstructive studies (e.g., Shearer & Arrington, 19XX), and critical-rational studies (e.g., Power & Laughlin, 19XX) are examples of different theoretical and methodological ways to probe the constructive force of accounting over human identity and subjectivity. This paper offers a fourth approach grounded in social-cognitive concerns with ways in which implicit attitudes, or …


Modeling The Effects Of Quality In A Transformative Health Service, Shahriar Akter, Umme Hani Jan 2011

Modeling The Effects Of Quality In A Transformative Health Service, Shahriar Akter, Umme Hani

Faculty of Commerce - Papers (Archive)

Understanding the effects of service quality on economic (i.e., continuance intentions) and social (i.e., quality of life) outcomes is critical to extend the focus of transformative service research. This study specifies mHealth as a transformative service and models the impact of its overall quality on satisfaction, continuance intentions and quality of life. Based on cognition - affective - conation chain, the conceptual model explicitly identifies convenience, confidence, cooperation, care and concern as the primary dimensions of mHealth service quality. The study validates the higher-order quality model and its association with subsequent latent variables using PLS path modeling. The findings confirm …


Complex Modeling In Marketing Using Component Based Sem, Shahriar Akter, Umme Hani Jan 2011

Complex Modeling In Marketing Using Component Based Sem, Shahriar Akter, Umme Hani

Faculty of Commerce - Papers (Archive)

Structural equation modeling (SEM) is an important tool for marketing researchers to estimate a network of causal relationships linking two or more complex concepts. The PLS approach to SEM, also known as component based SEM, is becoming more prominent in estimating complex models due to its soft modeling assumptions. This study elucidates the use of component based SEM in estimating a complex higher order model with a small sample size. The utility of the approach is illustrated empirically by estimating a third-order, reflective, hierarchical service quality model in the context of mHealth. The findings of the study confirm the conceptual …


Three Good Reasons Not To Use Five And Seven Point Likert Items, Sara Dolnicar, Bettina Grun, Friedrich Leisch, John Rossiter Jan 2011

Three Good Reasons Not To Use Five And Seven Point Likert Items, Sara Dolnicar, Bettina Grun, Friedrich Leisch, John Rossiter

Faculty of Commerce - Papers (Archive)

One of the main sources of knowledge development in tourism has been survey research. Through surveys of tourists, surveys of the tourism industry and surveys of residents living in tourism destinations, our understanding of the positive and negative impact of tourism has increased and we are now better able to understand and respond to tourists’ needs. The underlying measure in survey research is the question respondents are asked. In the physical sciences measures are highly calibrated and objective. For example, a thermometer – if not faulty – will show the true temperature of a location at any given time. A …


Quick, Simple And Reliable: Forced Binary Survey Questions, Sara Dolnicar, Bettina Grün, Friedrich Leisch Jan 2011

Quick, Simple And Reliable: Forced Binary Survey Questions, Sara Dolnicar, Bettina Grün, Friedrich Leisch

Faculty of Commerce - Papers (Archive)

Consumers are increasingly saturated by market research which leads to decreasing response rates and an increased danger of response bias. Market researchers thus face the challenge of recruiting respondents, increasing response rates and reducing respondent fatigue by making questionnaires as short and pleasant as possible. One way of achieving this is to replace traditionally used ordinal multi-category answer formats (such as Likert scales) with forced binary scales. This proposition is only attractive if it indeed shortens the survey time while not compromising the quality of managerial insights from the data.

This study investigates these conditions. Results from a repeat-measurement design …


The Relation Of Intellectual Capital Disclosure Strategies And Market Value In Two Political Settings, Indra Abeysekera Jan 2011

The Relation Of Intellectual Capital Disclosure Strategies And Market Value In Two Political Settings, Indra Abeysekera

Faculty of Commerce - Papers (Archive)

Purpose – The purpose of this paper is to investigate whether the political setting (civil war versus temporary truce) in a country has an influence on firms' current narrative, visual, and numerical intellectual capital disclosure being included in the current market value of equity. Design/methodology/approach – Using content analysis for data generation, this study identifies narrative, visual, and numerical intellectual capital disclosure in firms' annual reports. Financial data were obtained from firms' annual reports and the stock exchange. Fixed effect panel regression was conducted separately for the civil war period and temporary truce period. Findings – The paper finds that …


Bounded Rationality And The Emergence Of Simplicity Amidst Complexity, Cassey Lee Jan 2011

Bounded Rationality And The Emergence Of Simplicity Amidst Complexity, Cassey Lee

Faculty of Commerce - Papers (Archive)

The purpose of this essay is to explore the relationship between the simple and the complex in economics by anchoring our analysis on bounded rationality. Much of the conventional literature focuses on ‘un-bounded rationality’ of the rationality-as-consistency variety. Theorizing of bounded rationality tends to assume that the problem to be solved is independent of the nature of bounded rationality. Following the insights from the works of Herbert Simon and contributions from outside economics, both bounded rationality and the environment are inextricably linked. The boundaries between bounded rationality and its environment can shift. The form in which bounded rationality is found …


Infrastructure And Economic Development, Cassey Lee Jan 2011

Infrastructure And Economic Development, Cassey Lee

Faculty of Commerce - Papers (Archive)

The importance of the infrastructure sector to the process of economic growth and development has long been recognized and understood by scholars and policymakers. Without adequate infrastructure, modern commerce characterized by production specialization and exchange across markets would grind to a halt. Economic globalization would not take place without the reduction in communication and transportation costs brought about by the progress achieved in the development of infrastructure within and across countries. Thus, any attempt at understanding Malaysia’s past experiences in economic development thus requires an analysis of the role that the infrastructure has played. The purpose of this chapter is …


Voluntary Relocation - An Exploration Of Australian Attitudes In The Context Of Drought, Recycled And Desalinated Water, Anna Hurlimann, Sara Dolnicar Jan 2011

Voluntary Relocation - An Exploration Of Australian Attitudes In The Context Of Drought, Recycled And Desalinated Water, Anna Hurlimann, Sara Dolnicar

Faculty of Commerce - Papers (Archive)

Throughout history settlements have been abandoned due to lack of water. Such a fate is of concern to public officials in settlements facing water scarcity – a condition which is anticipated to increase due to the impacts of climate change, and other factors including increasing per capita water use, and population growth. Key questions surround how to best adapt to these circumstances. A strategy little explored is relocation. This paper presents results from a qualitative study conducted in eight geographically diverse Australian locations. The willingness of individuals to relocate under three hypothetical water scenarios was investigated: (1) if the water …


Guiding The Use Of Grounded Theory In Doctoral Studies – An Example From The Australian Film Industry, Michael Jones, Irit Alony Jan 2011

Guiding The Use Of Grounded Theory In Doctoral Studies – An Example From The Australian Film Industry, Michael Jones, Irit Alony

Faculty of Commerce - Papers (Archive)

Selecting the most appropriate research method is one of the most difficult problems facing a doctoral researcher. Grounded Theory is presented here as a method of choice as it is detailed, rigorous, and systematic, yet it also permits flexibility and freedom. Grounded Theory offers many benefits to research in Information Systems as it is suitable for the investigation of complex multifaceted phenomena. It is also well equipped to explore socially related issues. Despite existing criticism, it is a rigorous and methodical research approach capable of broadening the perceptions of those in the research community. This paper provides detailed and practical …


The Effect Of Ownership Structure On Leverage Decision: New Evidence From Chinese Listed Firms, Qigui Liu, Gary Tian, Xiaoming Wang Jan 2011

The Effect Of Ownership Structure On Leverage Decision: New Evidence From Chinese Listed Firms, Qigui Liu, Gary Tian, Xiaoming Wang

Faculty of Commerce - Papers (Archive)

This paper examines the effect of state control and ownership structure on the leverage decision of firms listed in the Chinese stock market. Our results show that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have higher leverage ratios than SOEs in better regions. We also show that the largest shareholding (the percentage of shares held by the largest shareholder) in the SOEs has a negative relationship with the leverage ratio, while the largest shareholding in non-SOEs has a non-linear relationship with the short-term and long-term debt ratios. Finally, this …


Long-Run Mortality Effects Of Vietnam-Era Army Service: Evidence From Australia's Conscription Lotteries, Peter Siminski, Simon Ville Jan 2011

Long-Run Mortality Effects Of Vietnam-Era Army Service: Evidence From Australia's Conscription Lotteries, Peter Siminski, Simon Ville

Faculty of Commerce - Papers (Archive)

We estimate the effect of Vietnam-era Army service on mortality, exploiting Australia's conscription lotteries for identification. We utilize population data on deaths during 1994-2007 and military personnel records. The estimates are identified by over 51,000 compliers induced to enlist in the Army. We find no statistically significant effects on mortality overall, nor for any cause of death. The estimated relative risk (RR) of death associated with Army service is 1.03 (95% CI: 0.92, 1.19). On the assumption that Army service affected mortality only for those who served in Vietnam, the estimated RR is 1.06 (95% CI: 0.81, 1.51).


Cross-Sector Research Collaboration In Australia: The Cooperative Research Centres Program At The Crossroads, Tim Turpin, Samuel Garrett-Jones, Richard Woolley Jan 2011

Cross-Sector Research Collaboration In Australia: The Cooperative Research Centres Program At The Crossroads, Tim Turpin, Samuel Garrett-Jones, Richard Woolley

Faculty of Commerce - Papers (Archive)

In this article we trace changes in the institutional and social dynamics that have steered cross-sector R&D collaboration in Australia. Public policy provided the initial push toward cross-sector collaboration. The Cooperative Research Centres (CRC) Program is Australia's most longstanding national arrangement for industry-university-government research collaboration. Over the past two decades the program has grown to become the dominant model for cross-sector R&D cooperation in the country. Because of the size of the program in the Australian innovation system it has also become a major focus for debate about science policy. Universities have now institutionalised this imperative in all sorts of …


Disproportional Ownership Structure And Pay–Performance Relationship: Evidence From China's Listed Firms, Jerry Cao, Xiaofei Pan, Gary Tian Jan 2011

Disproportional Ownership Structure And Pay–Performance Relationship: Evidence From China's Listed Firms, Jerry Cao, Xiaofei Pan, Gary Tian

Faculty of Commerce - Papers (Archive)

This paper examines the impact of ownership structure on executive compensation in China's listed firms. We find that the cash flow rights of ultimate controlling shareholders have a positive effect on the pay–performance relationship, while a divergence between control rights and cash flow rights has a significantly negative effect on the pay–performance relationship. We divide our sample based on ultimate controlling shareholders' type into state owned enterprises (SOE), state assets management bureaus (SAMB), and privately controlled firms. We find that in SOE controlled firms cash flow rights have a significant impact on accounting based pay–performance relationship. In privately controlled firms, …