Much ado about nothing? The surprising persistence of nascent ventures through the global financial crisis

Using the Global Financial Crisis as a natural experiment, we investigate how a major macro-economic crisis affects nascent (i.e., pre-operational) ventures. We hypothesize adverse effects on behaviors, behavioral plans, and expectations for the future, and that these effects would be more pronounced in ventures that are more innovative and/or more relying on loan funding. Overall, we find very limited support for our hypotheses. Our conclusion is that the main reason for the surprising absence of detrimental effects is that a large majority of nascent ventures are mostly affected by a relatively narrow, immediate task environment rather than directly by the fluctuations of the macro-economy.

Waving or drowning? Managing resource constraints in entrepreneurial firm with bricolage as a response to the global financial crisis

These are challenging times for new entrepreneurial firms. The development of the Global Financial Crisis shook the very foundations of global markets and institutions that most firms relied on to do business (Claessens, et al., forthcoming). In the midst of institutional flux and resource constraints, entrepreneurial firms, which have been shown to make a range of contributions to the economy (van Praag & Versloot 2007) faced increasing constraints. The Australian Federal Government quickly implemented the Green Loan program in response to the financial crisis. Unfortunately, the green loans program was flawed with obsolete processes and information (Faulkner, 2011), further constraining new firms. Prior research provides few clues regarding how resource-constrained entrepreneurial firms deal with these institutional flaws within institutional change and how they might overcome these challenges and prosper. One promising theory that evaluates behavioural responses to constraints and institutional flaws is bricolage (Levi Strauss, 1967). Bricolage aligns with notions of resourcefulness: defined here as “making do by applying combinations of the resources at hand to new problems and opportunities” (Baker and Nelson 2005: 333). Using three case studies, we consider how institutional flaws impact firm behaviours and illustrate the use of bricolage in attempts to reinforce, shape and change the GL program further extending bricolage domains of Baker and Nelson (2005).

Interpretations of formative assessment in the teaching of English at two Chinese universities : a sociocultural perspective

Formative assessment is increasingly being implemented through policy initiatives in Chinese educational contexts. As an approach to assessment, formative assessment derives many of its key principles from Western contexts, notably through the work of scholars in the UK, the USA and Australia. The question for this paper is the ways that formative assessment has been interpreted in the teaching of College English in Chinese Higher Education. The paper reports on a research study that utilised a sociocultural perspective on learning and assessment to analyse how two Chinese universities – an urban-based Key University and a regional-based Non-Key University – interpreted and enacted a China Ministry of Education policy on formative assessment in College English teaching. Of particular interest for the research were the ways in which the sociocultural conditions of the Chinese context mediated understanding of Western principles and led to their adaptation. The findings from the two universities identified some consistency in localised interpretations of formative assessment which included emphases on process and student participation. The differences related to the specific sociocultural conditions contextualising each university including geographical location, socioeconomic status, and teacher and student roles, expectations and beliefs about English. The findings illustrate the sociocultural tensions in interpreting, adapting and enacting formative assessment in Chinese College English classes and the consequent challenges to and questions about retaining the spirit of formative assessment as it was originally conceptualised.

Validation of the Educational Stress Scale for Adolescents (ESSA) in Vietnam

Introduction To date, there has been little systematic, quantitative research on the links between academic pressure and mental health among adolescents in Asia, and none in Vietnam. In part, this is because of a lack of appropriate tools to measure this complex phenomenon. This study was to validate the Educational Stress Scale for Adolescents (ESSA), developed and tested in China, with the aim of fostering further research in Asia. Methods A total of 1283 students were recruited in 3 secondary schools and 3 high schools in Ho Chi Minh City, Vietnam. Anonymous, selfreport questionnaires included the ESSA and previously validated measures of mental health. Results Among the 1226 questionnaires available, 54% of respondents were female. The mean age was 15.3 years. Students reported substantial study burden. The ESSA had good internal consistency, and factorial validity and concurrent validity were established. Conclusion The ESSA is a suitable measure for school-based mental health research in Asia.

Community-based control of Aedes aegypti by using Mesocyclops in southern Vietnam

We previously reported a new community-based mosquito control strategy that resulted in elimination of Aedes aegypti (Linn.) in 40 of 46 communes in northern and central Vietnam, and with annual recurrent total costs (direct and indirect) of only $0.28-$0.89 international dollars per person. This control strategy was extended to four provinces in southern Vietnam in Long An and Hau Giang (2004-2007) and to Long An, Ben Tre, and Vinh Long (2005-2010). In a total of 14 communes with 124,743 residents, the mean ± SD of adult female Ae. aegypti was reduced from 0.93 ± 0.62 to 0.06 ± 0.09, and the reduction of immature Ae. aegypti averaged 98.8%. By the final survey, no adults could be collected in 6 of 14 communes, and one commune, Binh Thanh, also had no immature forms. Although the community-based programs also involved community education and clean-up campaigns, the prevalence of Mesocyclops in large water storage containers > 50 liters increased from 12.77 ± 8.39 to 75.69 ± 9.17% over periods of 15-45 months. At the conclusion of the study, no confirmed dengue cases were detected in four of the five communes for which diagnostic serologic analysis was performed. The rate of progress was faster in communes that were added in stages to the program but the reason for this finding was unclear. At the completion of the formal project, sustainability funds were set up to provide each commune with the financial means to ensure that community-based dengue control activities continued.

Standardisation of plant and machinery valuation practices in Malaysia

Plant and machinery valuation is important to every company.s annual financial reporting. It is reported under the non-current assets section, and the valuers are generally employed to provide the up to date valuation of the non-current assets valuation such as property, plant and equipment that can make up to 80% of the total assets of a company. The valuation of plant and machinery is also important for other purposes such as securing loan facilities, sales, takeover, insurance and auction. The application of 2005 International Financial Reporting Standard (IFRS) has a subsequent impact on the financial sector, as a whole. The accountants have to choose between the Historical Cost approach and Market Value approach in determining the value of the client.s assets. In Malaysia, the implementation of IFRS has a domino effect on the financial system, especially for plant and machinery valuation for financial reporting. The comparison data for plant and machinery valuation is limited unlike land and building valuation. The question of Malaysian valuer.s ability to comply with the IFRS standard keeps rising every day, not just to the accountants, but also other related parties such as financial institutions, government agencies and the clients. This is happening because of different interpretations of premise of value for plant and machinery, as well as methods been used and differences in standards of reporting among the valuers conducting plant and machinery valuation. The root of the problem lies in the lack of practical guidelines governing plant and machinery valuation practices and different schools of thought among the valuers. Some follow the United Kingdom.s RICS guidelines, whilst some valuers are more comfortable with the United State.s USPAP rules, especially on the premise of value. This research is to investigate the international best practices of plant and machinery valuation and to establish the common valuation concept, awareness and application of valuation methodology and valuation process for plant and machinery valuation in Malaysia. This research uses a combination of the qualitative and quantitative research approach. In the qualitative approach, the content analyses were conducted from the international practices and current Malaysian implementation of plant and machinery valuation. A survey (quantitative approach) via questionnaire was implemented among the registered and probationary valuers in Malaysia to investigate their understanding and opinion relating to plant and machinery valuation based on the current practices. The significance of this research is the identification of international plant and machinery practices and the understanding of current practices of plant and machinery valuation in Malaysia. It is found that issues embedding plant and machinery valuation practices are limited numbers of resources available either from scholars or practitioner. This is supported by the general finding from the research survey that indicates that there are immediate needs for practical notes or guidelines to be developed and implemented to support the Malaysian valuers practising plant and machinery valuation. This move will lead to a better understanding of plant and machinery valuation, reducing discrepancies in valuation of plant and machinery and increased accuracy among practising valuers.

Form prevailing over substance?

The decision of the Court of Appeal in Kellas-Sharpe v PSAL Ltd [2012] QCA 371 considered a not unusual provision in a loan agreement, being a provision whereby a lender agrees to accept a lower or concessional rate of interest in circumstances of prompt payment by the borrower. The loan agreement in question provided for the borrower to pay a standard rate of interest of 7.5% per month. However, if the borrower was not in default, the lender agreed to accept interest at a concessional rate of interest of 4% per month. The issue for determination by the Court of Appeal (McMurdo P, Gotterson JA and Fryberg J) was whether the clause was subject to the equitable jurisdiction to relieve against penalties, and, if so, if the interest rate provision should be treated as a penalty making the interest rate provision void. In mounting this argument, the borrower was seeking to overturn a long line of authority which has repeatedly upheld the semantic distinction between an increase in the rate of interest (which attracts the doctrine concerning penalties) and an incentive to the borrower by way of a reduction in the interest rate for prompt payment (which does not attract the doctrine)...

Unnatural selection : curricular conversations in TIP 1962–2012

Our task is to consider the evolving perspectives around curriculum documented in the Theory Into Practice (TIP) corpus to date. The 50 years in question, 1962–2012, account for approximately half the history of mass institutionalized schooling. Over this time, the upper age of compulsory schooling has crept up, stretching the school curriculum's reach, purpose, and clientele. These years also span remarkable changes in the social fabric, challenging deep senses of the nature and shelf-life of knowledge, whose knowledge counts, what science can and cannot deliver, and the very purpose of education. The school curriculum is a key social site where these challenges have to be addressed in a very practical sense, through a design on the future implemented within the resources and politics of the present. The task's metaphor of ‘evolution’ may invoke a sense of gradual cumulative improvement, but equally connotes mutation, hybridization, extinction, survival of the fittest, and environmental pressures. Viewed in this way, curriculum theory and practice cannot be isolated and studied in laboratory conditions—there is nothing natural, neutral, or self-evident about what knowledge gets selected into the curriculum. Rather, the process of selection unfolds as a series of messy, politically contaminated, lived experiments; thus curriculum studies require field work in dynamic open systems. We subscribe to Raymond Williams' approach to social change, which he argues is not absolute and abrupt, one set of ideas neatly replacing the other. For Williams, newly emergent ideas have to compete against the dominant mindset and residual ideas “still active in the cultural process'” (Williams, 1977, p. 122). This means ongoing debates. For these reasons, we join Schubert (1992) in advocating “continuous reconceptualising of the flow of experience” (p. 238) by both researchers and practitioners.

Creating synergy in teacher education through robotics-based STEM activities

Robotics has created opportunities for educators to teach concepts across Science, Technology, Engineering, and Mathematics (STEM). This is one of the reasons robotics is becoming increasingly common in primary and secondary classrooms in Australia. To enable pre-service teachers to design engaging STEM activities that incorporate these technologies, robotics is part of the teaching program in the primary education degree at Queensland University of Technology (QUT). A number of pre-service teachers also choose to extend their abilities by implementing robotics activities on field studies, in schools on a voluntary basis, and in outreach activities such as the Robotics@QUT project. The Robotics@QUT project is a support network developed to build professional knowledge and capacity of classroom teachers in schools from a low SES area, engaging in robotics-based STEM activities. Professional Development (PD) workshops are provided to teachers in order to build their knowledge and confidence in implementing robotics activities in their classrooms, loan kits are provided, and pre-service teacher visits arranged to provide the teachers with on-going support. A key feature of the project is the partnerships developed between the teachers and the pre-service teachers involved in the project. The purpose of this study was to ascertain how the teachers in the project perceived the value of the PD workshops and the pre-service teachers’ involvement and what the benefits of the involvement in the project were for the pre-service teachers. Seventeen teachers completed a five-point (1-5) likert scale questionnaire regarding their involvement in the Robotics@QUT project. Teachers’ responses on the value of the project and the pre-service teacher support highlighted the benefits of the partnerships formed and provided insights into the value of the support provided by the pre-service teachers. This paper also describes one pre-service teacher’s experience with the project and the perceived benefits from being involved.

Indemnity costs - whether indemnity costs can be ordered in Magistrates Court

In Asset Loan Management v Mamap Pty Ltd [2005] QDC 295, McGill DCJ held that costs may be recovered in Magistrates Courts on the indemnity basis. His Honour was satisfied his conclusion in this respect was not precluded by the decision of the Court of Appeal in Beardmore v Franklins Management Services Pty Ltd [2002] QCA 60

An investigation of goethite-seeded Al(OH)3 precipitation using in situ X-ray diffraction and Rietveld-based quantitative phase analysis

An in situ X-ray diffraction investigation of goethite-seeded Al(OH)3 precipitation from synthetic Bayer liquor at 343 K has been performed. The presence of iron oxides and oxyhydroxides in the Bayer process has implications for alumina reversion, which causes significant process losses through unwanted gibbsite precipitation, and is also relevant for the nucleation and growth of scale on mild steel process equipment. The gibbsite, bayerite and nordstrandite polymorphs of Al(OH)3 precipitated from the liquor; gibbsite appeared to precipitate first, with subsequent formation of bayerite and nordstrandite. A Rietveld-based approach to quantitative phase analysis was implemented for the determination of absolute phase abundances as a function of time, from which kinetic information for the formation of the Al(OH)3 phases was determined.

Aligning off-balance sheet risk, on-balance sheet risk and audit fees: a PLS path modelling analysis

This study focuses on using the partial least squares (PLS) path modelling technique in archival auditing research by replicating the data and research questions from prior bank audit fee studies. PLS path modelling allows for inter-correlations among audit fee determinants by establishing latent constructs and multiple relationship paths in one simultaneous PLS path model. Endogeneity concerns about auditor choice can also be addressed with PLS path modelling. With a sample of US bank holding companies for the period 2003-2009, we examine the associations among on-balance sheet financial risks, off-balance sheet risks and audit fees, and also address the pervasive client size effect, and the effect of the self-selection of auditors. The results endorse the dominating effect of size on audit fees, both directly and indirectly via its impacts on other audit fee determinants. By simultaneously considering the self-selection of auditors, we still find audit fee premiums on Big N auditors, which is the second important factor on audit fee determination. On-balance-sheet financial risk measures in terms of capital adequacy, loan composition, earnings and asset quality performance have positive impacts on audit fees. After allowing for the positive influence of on-balance sheet financial risks and entity size on off-balance sheet risk, the off-balance sheet risk measure, SECRISK, is still positively associated with bank audit fees, both before and after the onset of the financial crisis. The consistent results from this study compared with prior literature provide supporting evidence and enhance confidence on the application of this new research technique in archival accounting studies.

Aligning off-balance sheet risk, on-balance sheet risk and audit fees: a PLS path modelling analysis

This study focuses on using the partial least squares (PLS) path modelling methodology in archival auditing research by replicating the data and research questions from prior bank audit fee studies. PLS path modelling allows for inter-correlations among audit fee determinants by establishing latent constructs and multiple relationship paths in one simultaneous PLS path model. Endogeneity concerns about auditor choice can also be addressed with PLS path modelling. With a sample of US bank holding companies for the period 2003-2009, we examine the associations among on-balance sheet financial risks, off-balance sheet risks and audit fees, and also address the pervasive client size effect, and the effect of the self-selection of auditors. The results endorse the dominating effect of size on audit fees, both directly and indirectly via its impacts on other audit fee determinants. By simultaneously considering the self-selection of auditors, we still find audit fee premiums on Big N auditors, which is the second important factor on audit fee determination. On-balance-sheet financial risk measures in terms of capital adequacy, loan composition, earnings and asset quality performance have positive impacts on audit fees. After allowing for the positive influence of on-balance sheet financial risks and entity size on off-balance sheet risk, the off-balance sheet risk measure, SECRISK, is still positively associated with bank audit fees, both before and after the onset of the financial crisis. The consistent results from this study compared with prior literature provide supporting evidence and enhance confidence on the application of this new research technique in archival accounting studies.

Managing identity transitions during radical change in nuclear engineering organizations

This study reports the construction and reconstruction of identities of new and existing employees during a significant transition phase of a nuclear engineering organization. We followed a group of new and existing employees over the period of three years, during which the organization constructed a greenfield nuclear facility with new generational technologies whilst in parallel, decommissioned the older reactor. This change led to the transfer and integration of existing trade-based employees with the newly recruited, primarily university educated graduates in the new site. Three waves of interview data were collected, in conjunction with the cognitive mapping of social grouping and photo elicitation portrayed the stories of different group of employees who either succeeded or failed at embracing their new professional identity. In contrast with the new recruits who constructed new identities as they join this organization, we identify and report on the number of enabling and disabling factors that influence the process of professional identity construction and reconstruction during gamma change.