New voice, same story? Social entrepreneurship and active social capital formation

The development of the third sector in Australia has involved the negotiation of varying forms of state and market regulatory mechanisms. In the course of these settlements, ground-up initiatives have often found that authenticity is only the starting point on journeys that end in incorporation. Social entrepreneurship is an emerging set of ideas which attempts to hold on to the authentic and unique elements generated by grassroots actions. What are its chances of success? This article sets out to answer this question through a discussion of regulation and social capital. A four-fold model of social cap ita I formation is advanced which outlines 'defensive', 'consolidative', 'inclusive' and 'regulated' social capital. It is concluded that while social entrepreneurship has the potential to shift social capital formation from reactive to active forms, it is likely to become increasingly standardised and regulated.

Risk analysis in cost planning and its effect on efficiency in capital cost budgeting

Builds on earlier work which reported on the experience of the Hong Kong Government in using risk analysis techniques in capital cost estimating. In 1993 the Hong Kong Government implemented a methodology for capital cost estimating using risk analysis (ERA) in its public works planning. This calculated amount replaces the pre-1993 contingency allowance, which was merely a percentage addition on top of the base estimate of a project. Adopts a team approach to identify, classify and cost the uncertainties associated with a project. The sum of the average risk allowance for the identified risk events thus becomes the contingency. A study of the effect of ERA was carried out to compare the variability and consistency of the contingency estimates between non-ERA and ERA projects. The preliminary results of a survey showed a highly significant difference in variation and consistency between these groups. This analysis indicates the successful use of the ERA method for public works projects to reduce unnecessary and  exaggerated allowance for risk. However, the contingency allowance for ERA projects was also considered high. Adds data from the UK with descriptions of 41 private sector projects which fall into the non-ERA category and reflect better performance in the determining of contingency allowances.

Volunteering and social capital in regional Victoria

The link between volunteerism and social capital has received some attention in Australia in recent years. Of particular note to this paper is the work of Baum, Bush, Modra, Murray, Cox, Alexander, and Potter (2000), who described the contribution volunteers made to social capital in a metropolitan setting - the western suburbs of Adelaide, South Australia. The aim of this current study is twofold, to describe the contribution volunteers make to social capital through participation, reciprocity and social trust in a regional and rural setting; and to compare findings with those relating to a metropolitan environment. In the light of differing volunteer patterns in rural and regional environments compared to metropolitan environments, we hypothesised that the relationship between volunteerism and indicators of social capital would also be different. The results from this study support the findings of Baum, Modra, Bush, Cox, Cooke, and Potter (1999) and therefore reinforce the premise that volunteers make a substantial. contribution to social capital. While greater numbers of people who live in rural or regional areas undertake volunteer work, we found there are more similarities between the rural/regional and metropolitan sectors regarding volunteerism than there are differences.

Capital gains tax in South Africa : lessons from Australia?

In the budget review of23 February 2000, the South African Minister of Finance announced that a capital gains tax ('CGT') would be introduced into South Africa, the anticipated start date at that point being 1 April 2001. Pursuant to Taxation Laws Amendment Act 5 of 2001, a CGT of general operation was introduced into the South African Income Tax Act 58 of 1962 (the 'ITA 1962') through the insertion of the Eighth Schedule¹, read together with s 26A of the Act. Section 26A is the charging provision that states that a person's taxable income included their 'taxable capital gain'. As discussed below, the start date was revised to 1 October 2001.

Capitalizing on Bourdieu : how useful are concepts of `social capital` and `social field` for researching `marginalized` young women?

This article considers Bourdieu’s concepts of ‘social capital’ and ‘social fields’, comparing and contrasting his use of these concepts with that of James Coleman and Robert Putnam. It examines how Bourdieu’s ideas offer a different way of understanding the lives of economically disadvantaged young women designated as ‘at risk’ of leaving school early. A micro-level analysis is made of ‘Bluey’s story’, a narrative derived from data gathered during a three-year research project on young women’s negotiations from the margins of education and work in Australia. Deconstructing Bluey’s narrative reveals how social capital is deployed (sometimes unsuccessfully) in a range of social fields. Such narratives can thus be used to ‘speak back’ to educational policies, to provide alternative insights into the issues and needs of economically disadvantaged young women and to challenge current constructs of ‘at risk’.

Baby, it`s you : international capital discovers the under threes

Well-established international entertainment firms such as Disney and Fisher-Price are joining new start-up firms such as Baby Einstein to create a 'Baby' market of products (including toys, games and videos) specifically targeted at children aged 0-3 years. Despite its novelty, the 'Baby' market mirrors older markets that these firms have created around other demographic groups (e.g. older children, adolescents and adults) - it redefines its target demographic group around specific commodities and promotes its redefinition as 'common sense'. The 'Baby' firms redefine babies solely as early learners whose potential to learn can be released by these firms' brand-name 'educational' or 'developmental' products. Many adults buy these products because they accept the firms' redefinition of babies, but other adults ignore the firms' promotional messages and buy the products to give themselves some time apart from their babies. The 'Baby' market is significant for children and adults because it changes young children's relationships with adults and because it subordinates local cultural differences to a children's culture that purports to be 'global' but has, in reality, extremely narrow foundations in class, race and gender.

The cultural role of capital cities : Hanoi and Hue, Vietnam

Hanoi promotes itself both as a place for foreign investment in urban development and as the 'cradle of Vietnamese civilisation'. Special status is given to places of national heritage significance, and policy makers and planners face challenges of balancing heritage conservation and modern development. By contrast, the former capital, Hue, continues to decline economically relative to other Vietnamese cities and is discovering value in its imperial heritage as a 'vector for development'. These Vietnamese capital cities demonstrate that heritage conservation is a key consideration in government efforts to improve the position of their constituencies in the newly-shaping global and national economic systems.

The costs of raising equity capital by Australian property trust initial public offerings

This paper reports some of the direct costs of raising equity capital by property trust initial public offerings (IPOs) in Australia from 1994 to 2004. It also documents the amount of underpricing by these IPOs. The results indicate the average fees paid to underwriters and/or stockbrokers in managing and marketing the issue was around 3.3% of the public equity capital raised. The average fees paid to legal firms, accounting firms and valuers for their professional involvement and expert reports were 0.4%, 0.2% and 0.1% respectively, totaling 0.7% of the equity raised. Other fees such as printing, listing fees, postage, distribution and advertising cost around 2.1%. The total average direct costs amounted to around 6.1% of the proceeds raised. The average underpricing by these property trust IPOs was 2.6%. This paper also investigates the hypotheses that the percentage direct capital raising costs are influenced by the size of the IPO and whether the IPO is underwritten. This study confirms that larger property trust equity capital raisings have lower percentage total direct cost;, however, it does not find that underwriting significantly influences the percentage of total direct costs for these property trust IPOs.