Problem-based learning : does accounting education need it?

Problem-based learning (PBL) has been used successfully in disciplines such as medicine, nursing, law and engineering. However a review of the literature shows that there has been little use of this approach to learning in accounting. This paper extends the research in accounting education by reporting the findings of a case study of the development and implementation of PBL at the Queensland University of Technology (QUT) in a new Accountancy Capstone unit that began in 2006. The fundamentals of the PBL approach were adhered to. However, one of the essential elements of the approach adopted was to highlight the importance of questioning as a means of gathering the necessary information upon which decisions are made. This approach can be contrasted with the typical ‘give all the facts’ case studies that are commonly used. Another feature was that students worked together in the same group for an entire semester (similar to how teams in the workplace operate) so there was an intended focus on teamwork in solving unstructured, real-world accounting problems presented to students. Based on quantitative and qualitative data collected from student questionnaires over seven semesters, it was found that students perceived PBL to be effective, especially in terms of developing the skills of questioning, teamwork, and problem solving. The effectiveness of questioning is very important as this is a skill that is rarely the focus of development in accounting education. The successful implementation of PBL in accounting through ‘learning by doing’ could be the catalyst for change to bring about better learning outcomes for accounting graduates.

An index of best practice performance reporting for Malaysian local authorities

Abstract Purpose – The purpose of this paper is to identify stakeholders’ expectations of information to be conveyed in local authorities’ annual reports and to develop an index of best practice performance reporting. Design/methodology/approach – The paper describes the development of a disclosure index emphasizing the public interest aspect of reporting and the need to provide relevant and meaningful information to stakeholders. The index was crafted from a public accountability perspective and based on the expectations of stakeholders as reconciled and validated by a Delphi panel of experts. Findings – The wide scope of information that was dentified as being important for disclosure by local authorities is consistent with the public accountability paradigm which requires the reporting of comprehensive information (both financial and non financial), about the condition, performance, activities and progress of the entity. Originality/value – The research posits a model of best practice performance reporting for Malaysian, and other, local authorities to meet the need for greater accountability by these entities.

International tax cooperation in the Post-GFC era

Over the last five years we have observed the fallout from the global financial crisis (GFC). International cooperation and jointly adopted policies have dominated many of the solutions to the problems which have arisen. Initially, many nations in response to the GFC, implemented a two pronged short term solution by undertaking fiscal intervention and delivering rescue packages aimed at first, bailing out financial institutions and second, preventing or minimising the impact of a recession. Both programs involved large amounts of domestic spending. It was difficult in early 2007 to foresee the reduction that nations were about the face in domestic revenue collected. Five years on, not only have the first line effects of the GFC reduced the revenue raised by governments around the world, but the consequential costs associated with the rescue packages have also depleted domestic revenue bases. The response by stakeholders has been to attempt to secure domestic revenue bases through fiscally sustainable measures. Domestic sovereignty allows the levying of taxes as a nation chooses. However, rather than raise domestic taxes, revenue may also be increased by stemming the flow of income and capital to low and no-tax jurisdictions. The intervening five-year period since the GFC allows a unique insight into the response by nations and international organisations to tax evasion, tax avoidance and aggressive tax competition through the cross border flows of capital and the resulting affect that the GFC has had on international tax cooperation. By investigating the change in the international tax landscape over the last five years, which reveals the work done by stakeholders in developing fiscally responsible responses to the problems that have arisen, it may be possible to predict the trajectory of the international tax landscape over the next five years.

The preferences of private equity investors in selecting target acquisitions : an international investigation

This study investigates the characteristics and attributes that private equity investors prefer when selecting target acquisitions. These characteristics are examined against a matched sample of firms subject to corporate acquisitions via tender/merger offer during 2000-2009, across seven countries: Australia, Canada, the United Kingdom, the USA, France, Germany and Sweden. We show that firm-specific characteristics are more influential in target selection than external or institutional variables. In particular, private equity targets exhibit lower stock volatility and long-term growth prospects, are larger, and have greater abnormal operating income relative to tender/merger offer target firms. Further, private equity bidders exhibit 'home bias', implying that familiarity motivates target selection. Institutional factors remain largely insignificant across all tests.

An analysis of the corporate governance practices of smaller listed Australian companies

We examine the corporate governance environment of smaller listed Australian firms to investigate the factors that determine how firms respond to recommendations contained in corporate governance codes. We group corporate governance recommendations into three distinct categories and argue that differences in adoption costs between categories, together with firm specific factors, determine a firm’s decision to conform with the recommendation or to explain the reasons for non-conformance. Analysis of the conformance by smaller firms with governance recommendations highlights substantial differences in adoption rates between categories of recommendations. Our results also reveal that the cost of adopting specific recommendations, together with profitability, external audit quality, and ownership dispersion, jointly explain a firm’s decision to ‘comply or explain’. This study provides insights for policy makers and regulators regarding the appropriateness of corporate governance recommendations for smaller firms

The impact of litigation risk on corporate prospective disclosure : a review of the empirical literature

We review the literature on the impact of litigation risk (a form of external governance) on corporate prospective disclosure decisions as reflected in management earnings forecasts. From this analysis we identify four key areas for future research. First, litigation risk warrants more attention from researchers; currently it tends to be treated as a secondary factor impacting MEF decisions. Second, it would be informative from a governance perspective for researchers to explore why litigation risk has a differential impact on MEF decisions across countries. Third, understanding the interaction between litigation risk and forecast/firm-specific characteristics is important from management, investor and regulatory perspectives but is currently under-explored Last, research on the litigation risk and MEF attributes link is piecemeal and incomplete, requiring more integrated and expanded analysis.

Managing older workers during a period of tight labour supply

This article reports on a recent survey of employer attitudes and policies towards older workers in Australia at a time of sustained economic growth and ongoing concerns about labour shortages. Findings from a survey of 590 employers with more than 50 employees in the State of Queensland point to an unusually strong orientation towards the recruitment of older workers among respondents, although the retraining of older workers is not prioritised by the majority. The issue of workforce ageing is viewed as being of medium-term importance by the majority of respondents, although for a substantial number the issue is of immediate concern. Both sector and organisation size are predictive of the application of a broad range of policies targeting older workers, with public-sector and larger organisations more likely to be active. Concerns about workforce ageing and labour supply are predictive of employer behaviours regarding older workers, suggesting that sustained policy making may be emerging in response to population ageing over and above more immediate concerns about labour shortages and that this broad thrust of organisational policy making may be immune to the point in the economic cycle. This study found no evidence that the flexible firm will not countenance an ageing workforce.

Accountability beyond the headlines : why not-for-profit organisations need to communicate their own expenditure stories

This paper analyses the expenditure patterns of 97 Australian international aid and development organisations, and examines the extent to which they disclose information about their expenditure in order to discharge their accountability. Not-for-profit (NFP) expenditure attracts media attention, with perceptions of excessive costs potentially damaging stakeholder trust in NFP organisations. This makes it important for organisations to be proactive in communicating their expenditure stories to stakeholders, rather than being judged on their performance by standardised expenditure metrics. By highlighting what it costs to ensure longer-term operational capability, NFP organisations will contribute to the discharge of their financial accountability and play a part in educating all stakeholders about the dangers of relying on a single metric.

Wrong way go back! Rediscovering the path for charity law reform

Problems with charity law jurisprudence persist. The difficulties arose in the 20th century and are fundamental to the way the doctrine is presently theorised. They grew out of the approach taken in Pemsel’s Case to the categorisation of the ‘spirit and intendment’ of the Preamble to the Statute of Charitable Uses. Recent statutory reforms, such as the Charities Act 2006 (Eng&W), have compounded the underlying problems rather than resolving them. This paper aims to stimulate thinking about a new foundation for charity jurisprudence – while the approach may seem radical, the paper argues that these new foundations can be discerned underlying the current jurisprudence. The difficulties can be overcome by rediscovering the underlying jurisprudence which is disregarded in the current approach to categorisation. Giving voice, in contemporary language, to that foundational jurisprudence, this paper provides a way out of the current problems. It also provides an alternative way of conceptualising the doctrine of charitable purpose to guide reform.

Cultural influences on strategic communication

This chapter explores a cultural perspective on the development of strategic communication. It identifies cultural influences on organizational knowledge structures and the work of cultural schema on organizational processes of environmental interpretation. It describes the implications of the structures and processes for strategic communication. The chapter documents that strategic communication may reflect outcomes of cultural selection acting in the knowledge system of an organization as much as it reflects empirical imperatives of the external social environment.

Directors at work : a practical guide for directors

Directors at Work: A Practical Guide for Boards is designed to be a practical tool for directors and boards wishing to implement leading practice corporate governance in their organisations. The book discusses contemporary issues in corporate governance, ways in which boards, directors and their advisers can be effective, and ways to improve their governance processes and procedures. The book also discusses an area that was only touched on briefly in the previous book, but is at the heart of effective decision making by boards: board behavioural dynamics, which deals with the types of behaviours that either support or destroy good governance.

The financial life well-lived: psychological benefits of financial planning

As the financial planning industry undergoes a series of reforms aimed at increased professionalism and improved quality of advice, financial planner training in Australia and elsewhere has begun to acknowledge the importance of interdisciplinary knowledge bases in informing both curriculum design and professoinal practice (e.g. FPA2009). This paper underscores the importance of the process of financial planning by providing a conceptual analysis of the six step financial planning process using key mechanisms derived from theory and research in cognate disciplines such as psychology and well-being. The paper identifies how these mechanisms may operate to impact client well-being in the financial planning context. The conceptual mapping of th emechanisms to process elements of financial planning is a unique contribution to the financial planning literature and offers a further framework in the armamentarium of researchers interested in pursuing questions around the value of financial planning. The conceptual framework derived from the analysis also adds to the growing body of literature aimed at developing an integrated model of financial planning.

The influence of online reviews on consumers’ attributions of service quality and control for service standards in hotels

Online travel reviews are emerging as a powerful source of information affecting tourists' pre-purchase evaluation of a hotel organization. This trend has highlighted the need for a greater understanding of the impact of online reviews on consumer attitudes and behaviors. In view of this need, we investigate the influence of online hotel reviews on consumers' attributions of service quality and firms' ability to control service delivery. An experimental design was used to examine the effects of four independent variables: framing; valence; ratings; and target. The results suggest that in reviews evaluating a hotel, remarks related to core services are more likely to induce positive service quality attributions. Recent reviews affect customers' attributions of controllability for service delivery, with negative reviews exerting an unfavorable influence on consumers' perceptions. The findings highlight the importance of managing the core service and the need for managers to act promptly in addressing customer service problems.

The development of a model to measure destination brand performance across travel contexts

The field of destination image has been widely discussed in the destination literature since the early 1970s (see Mayo, 1973). However the extent to which travel context impacts on an individual’s destination image evaluation, and therefore destination choice, has received scant attention (Hu & Ritchie, 1993). This study, utilising expectancy-value theory, sought to elicit salient destination attributes from consumers across two travel contexts: short-break holidays and longer getaways. Using the Repertory Test technique, attributes elicited as being salient for short-break holidays were consistent with those elicited for longer getaways. While this study was limited to Brisbane’s near-home destinations, the results will be of interest to destination marketers and researchers interested in the challenge of positioning a destination in diverse markets.

Perceptions of visitor relationship marketing opportunities by destination marketers : an importance-performance analysis

Customer relationship marketing (CRM) initiatives are increasingly being adopted by businesses in the attempt to enhance brand loyalty and stimulate repeat purchases. The purpose of this study was to examine the extent to which destination marketing organisations (DMOs) around the world have developed a visitor relationship marketing (VRM) orientation. The proposition underpinning the study is that maintaining meaningful dialogue with previous visitors in some markets would represent a more efficient use of resources than above the line advertising to attract new visitors. Importance-performance analysis was utilised to measure destination marketers’ perceptions of the efficacy of CRM initiatives, and then rate their own organisation’s performance across the same range of initiatives. A key finding was that mean importance was higher than perceived performance for every item. While the small sample limits generalisability, in general there are appears to be a lack of strategic intent by DMOs to invest in VRM.