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Articles 1 - 9 of 9
Full-Text Articles in Business
Integrating Research And Curriculum Design: An Event Study In Introductory Accounting, Keith Duncan, Simone Kelly, Ray Mcnamara
Integrating Research And Curriculum Design: An Event Study In Introductory Accounting, Keith Duncan, Simone Kelly, Ray Mcnamara
Keith Duncan
Extract: In this chapter we present an Event Study assessment project that meets all three educational objectives. The Event Study Project requires students to find an accounting announcement and to evaluate the impact of that announcement on the share value of the company. The project demonstrates the relevance of accounting information to the share market, emphasising the importance of accounting to capital markets. The Event Study is also designed to demonstrate to students the importance of understanding causality. Specifically, the project provides students with an opportunity to explore and understand the impact of factors such as the market and industry, …
The Impact Of 'Familiness' On Financial Value, Tim Hasso, Keith Duncan
The Impact Of 'Familiness' On Financial Value, Tim Hasso, Keith Duncan
Keith Duncan
This paper distills three core value drivers common across the accepted valuation models and explores the application of these core valuation elements in a family firm context, drawing on the empirical evidence in the discipline. We adopt a Resource-Base View (RBV) of the competitive advantage of family firms and show that the 'familiness' factor is largely manifested in the firm's intangible assets. However, extant accounting does not recognise these intangible assets in the book value of the firm nor the implication for the long run permanence of earnings and cash flows. Thus valuation models predicated on book value, earnings and …
Accountability And Stewardship Of Family Business Entities, Keith Duncan, Ken Moores
Accountability And Stewardship Of Family Business Entities, Keith Duncan, Ken Moores
Keith Duncan
This chapter explores whether current accounting technology fulfils the stewardship and accountability information needs of family business owners. As the influences on contemporary accounting are both conceptual and contextual we frame our discussion in terms of both the knowledge foundations of accounting, as informed by various conceptions of the firm, and stakeholder theory. We posit that if prevailing conceptions of the firm impact the knowledge foundations of accounting, and subsequently the nature and form of accounting practice, then it is the conceptions of influential stakeholders that can define the accounting change agenda and affect contemporary accounting practice. We use extant …
Pricing Of Innate And Discretionary Accruals In Australian Debt, Husam Aldamen, Keith Duncan
Pricing Of Innate And Discretionary Accruals In Australian Debt, Husam Aldamen, Keith Duncan
Keith Duncan
This paper addresses the conflicting evidence on the role of accruals in debt pricing. We show that the two subcomponents of accruals quality, innate and discretionary accruals, both impact the debt pricing. Higher innate accruals increases cost of debt, consistent with the prior evidence (Francis et al., 2005; Gray et al., 2009). However, we also find that higher discretionary accruals reduce the cost of debt. This contrasts with the prior evidence of a positive association between discretionary accruals and cost and debt (Francis et al., 2005), and no association (Gray et al., 2009). We show that noisy measurement of cost …
Performance Of Family Firms During The Global Financial Crisis: Does Governance Matter?, Husam Aldamen, Keith Duncan, Simone Kelly, Ray Mcnamara
Performance Of Family Firms During The Global Financial Crisis: Does Governance Matter?, Husam Aldamen, Keith Duncan, Simone Kelly, Ray Mcnamara
Keith Duncan
We investigate whether better corporate governance impacts the performance of family versus non-family firms during the Global Financial Crisis (GFC). If good governance matters then its impact should be amplified during times of exogenous financial shocks. Furthermore the impact of governance will be more pronounced for family firms as family firms are more resilient, have greater access to survival capital and have a longer term decision making focus. We find that family firms have better governance but family firms have a lower earnings weight in valuation models. However we do find that better governance increased the variability in value however …
Family Ownership And The Value-Relevance Of Earnings And Book Value, Tim Hasso, Keith Duncan
Family Ownership And The Value-Relevance Of Earnings And Book Value, Tim Hasso, Keith Duncan
Keith Duncan
This study investigates the relation between family ownership and the value-relevance of two primary accounting measures, earnings and book value. We provide theories of the effect of family ownership on the value-relevance of earnings and book value. We contend that current accounting technology does not fully recognise the family firm factors in the earnings or book value of the firm. We find that the value-relevance of earnings and is higher for family firms. We attribute this to the long-term orientation and the higher quality earnings of these firms. In contrast, the value-relevance of book value is lower. We believe this …
Equity Valuation In The Coal Seam Gas Industry, Keith Duncan, Simone Kelly, Ray Mcnamara
Equity Valuation In The Coal Seam Gas Industry, Keith Duncan, Simone Kelly, Ray Mcnamara
Keith Duncan
The coal seam gas industry is an important and rapidly developing sector of the Australian mining industry and the economy as a whole. This sector provides an excellent site to test the relevance of the Hotelling Valuation Principle (HVP) in explaining the market capitalisation of this industry sector. In addition, the test enabled the test of which reserve classification best explains the market capitalisation of firms in the industry.Currently, the majority of listed firms in this sector do not have positive cash flows from the sale of gas. The HVP posits that market values are a function of company reserves. …
Exploration Of Firm Strategic Control In Australia And The United States And Implications For Global Governance Structures, Timothy Kiessling, Keith Duncan, Michael Harvey
Exploration Of Firm Strategic Control In Australia And The United States And Implications For Global Governance Structures, Timothy Kiessling, Keith Duncan, Michael Harvey
Keith Duncan
Our empirical study of 246 Directors, financial executives, accountants and credit/security analysts explore the concept of firm corporate control and what theoretically developed attributes contribute to an entity having corporate control over another. We first develop and test a model of corporate control. We then delve into what combinations of direct ownership, indirect ownership, ownership dispersion, and board of director representation are required for dominant corporate control. Due to the use of conjoint analysis, we are able to make suggestions as to the relative importance of each in regard to corporate control.
Firm Strategic Control: Direct Ownership, Indirect Ownership, Dispersion And Board Of Directors, Timothy Kiessling, Keith Duncan
Firm Strategic Control: Direct Ownership, Indirect Ownership, Dispersion And Board Of Directors, Timothy Kiessling, Keith Duncan
Keith Duncan
Our empirical study of 246 Directors, financial executives, accountants and credit/security analysts explore the concept of firm strategic control and what theoretically developed attributes contribute to an entity having strategic control over another. Our results suggest that strategic control is established with 100 per cent ownership but where there is less than 60-64% ownership then other strategic control attributes are necessary. Our results delve into what combinations of Direct ownership, indirect ownership, dispersion and Board of Director representation are required for strategic control.