Financial planners and philanthropic planning

This article reports findings from a survey of Canadian financial planners. The focus of the study is learning more about the depth and breadth of philanthropic planning that is included in their advising services to their high-net worth clients. The findings indicate that a minority of financial planners (1) regularly broach the topic of philanthropy in their counseling, (2) believe their clients are interested in philanthropy, and (3) feel sufficiently knowledgeable to assist their clients with philanthropic planning. The implications of these findings and recommendations for improvement are discussed.

Give and take in major gift relationships

This article investigates the complex phenomenon of major gift giving to charitable institutions. Drawing on empirical evidence from interviews with 16 Australian major donors (who gave a single gift of at least AU$10,000 in 2008 or 2009), we seek to better understand donor expectations and (dis)satisfaction. Given growing need for social services, and the competition among nonprofit organisations (NPOs) to secure sustainable funding, this research is particularly timely. Currently, little is known about major donors’ expectations, wants and needs. Equity theory, with the concept of reciprocity at its core, was found to provide a useful framework for understanding these phenomena. A model of equitable major gift relationships was developed from the data, which portrays balanced relationships and identifies potential areas of dissatisfaction for major donors. We conclude by offering suggestions for NPOs seeking to understand the complexities of major gift relationships, with practical implications for meeting donors’ needs.

Philanthropic capacity to support Indigenous causes : the journey to improvement

The role of philanthropy in addressing Indigenous causes is still conceptually emerging in Australia despite many years of practice. This paper reports on a qualitative study with grantmakers and grantseekers to better understand the issues affecting the philanthropic grantmaking system for Indigenous causes in Australia. An attitudinal emphasis on human rights for politically, economically and socially disadvantaged groups and an impetus for structural change emerged that has yet to deliver real funding equity. The way forward is still largely focussed on ‘improving’ Indigenous community capacity in organisational governance systems. In contrast, this study points to strategic leverage points within philanthropic organisations which could be used to first assess and then develop policies, processes and their underlying attitudes which impact on cross-cultural work i.e. the ‘cultural competence ’ of philanthropic organisations. It is argued such an approach would support improved social justice practice in the sector and subsequently Indigenous outcomes.

Infrastructure transitions toward sustainability : a complex adaptive systems perspective

To ensure infrastructure assets are procured and maintained by government on behalf of citizens, appropriate policy and institutional architecture is needed, particularly if a fundamental shift to more sustainable infrastructure is the goal. The shift in recent years from competitive and resource-intensive procurement to more collaborative and sustainable approaches to infrastructure governance is considered a major transition in infrastructure procurement systems. In order to better understand this transition in infrastructure procurement arrangements, the concept of emergence from Complex Adaptive Systems (CAS) theory is offered as a key construct. Emergence holds that micro interactions can result in emergent macro order. Applying the concept of emergence to infrastructure procurement, this research examines how interaction of agents in individual projects can result in different industry structural characteristics. The paper concludes that CAS theory, and particularly the concept of ‘emergence’, provides a useful construct to understand infrastructure procurement dynamics and progress towards sustainability.

Environmental reporting and its relation to corporate environmental performance

This study examines how both the level and the nature of environmental information voluntarily disclosed by Australian firms relate to their underlying environmental performance. Disclosure is scored using an index developed by Clarkson et al. (2008) based on Global Reporting Initiative (GRI) Guidelines and the environmental performance measure is based on emission data available from the National Pollutant Inventory (NPI). The sample consists of 51 firms that reported to the NPI in both 2002 and 2006. The findings are as follows. First, descriptive statistics indicate that while there was modest improvement in disclosure between 2002 and 2006, the highest disclosure score obtained was just slightly in excess of 50% of the maximum available based on the GRI Guidelines. Second, the results consistently indicate that not only do firms with a higher pollution propensity disclose more environmental information; they also rely on disclosures that the GRI views as inherently more objective and verifiable. Taken together, these results suggest that concerns regarding the reliability of voluntary environmental disclosures in the Australian context remain valid and thereby potentially signal a need for both enhanced mandatory reporting requirements and improved enforcement. In this regard, our study also informs regulatory policy on mandatory disclosures of environmental performance.

Private equity bids in Australia : an exploratory study

In this study, we provide an insight into how private equity players choose their targets and the bid arrangements they prefer. We test our expectations of the unique features of private equity targets using a sample of 23 listed private equity target firms during 2001–2007. We find, relative to a benchmark sample of 81 corporate targets matched by year and industry, the private equity target firms to be larger, more profitable, use their assets more efficiently, more highly levered and have greater cash flow. Multivariate testing indicates that private equity targets have relatively greater financial slack, greater financial stability, greater free cash flow and lower measurable growth prospects. All conclusions are found to be robust to a control sample of 502 takeover bids during 2001–2007.

Termination fees in a ‘bright line’ jurisdiction

We seek to statistically inform the debate regarding the Australian Takeovers Panel’s ‘bright line’ policy towards break fees. Based on 313 takeovers from 2002 to 2006, 85 involving break fees, we find post-bid competition to be unrelated to break fee usage and inversely related to bid success. We also find that break fee usage has a detrimental effect on shareholder wealth as measured by both the final bid premium and abnormal returns. Therefore, although break fees appear to be neither anticompetitive nor coercive within the Australian context, they do appear to have had a deleterious effect on shareholder wealth.

Disclosure of proxy voting information by Australian managed investment schemes

The US Securities and Exchange Comission requires registered management investment companies to disclose how they vote proxies relating to portfolio securities they hold. The primary purpose of this rule is to enable fund investors to monitor the role of institutional shareholders in the corporate governance practices of public companies. In Australia, despite reform proposals, there are no regulations requiring institutional investors to report proxy voting procedures and practises. There is little evidence of voluntary disclosure of proxy voting by Australian managed investment schemes in equities, indicating that there are costs involved in such disclosure.

Impact of the Corporate Law Economic Reform Program Act 1999 on initial public offering prospectus earnings forecasts

Commencing 13 March 2000, the Corporate Law Economic Reform Program Act 1999 (Cth) introduced changes to the regulation of corporate fundraising in Australia. In particular, it effected a reduction in the litigation risk associated with initial public offering prospectus disclosure.We find that the change is associated with a reduction in forecast frequency and an increase in forecast value relevance, but not with forecast error or bias. These results confirm previous findings that changes in litigation risk affect the level but not the quality of disclosure. They also suggest that the reforms’ objectives of reducing fundraising costs while improving investor protection, have been achieved.

The use of dashboards in performance management : evidence from sales managers

The purpose of this paper is to identify and empirically examine the key features, purposes, uses, and benefits of performance dashboards. We find that only about a quarter of the sales managers surveyed1 in Finland used a dashboard, which was lower than previously reported. Dashboards were used for four distinct purposes: (i) monitoring, (ii) problem solving, (iii) rationalizing, and (iv) communication and consistency. There was a high correlation between the different uses of dashboards and user productivity indicating that dashboards were perceived as effective tools in performance management, not just for monitoring one‟s own performance but for other purposes including communication. The quality of the data in dashboards did not seem to be a concern (except for completeness) but it was a critical driver regarding its use. This is the first empirical study on performance dashboards in terms of adoption rates, key features, and benefits. The study highlights the research potential and benefits of dashboards, which could be valuable for future researchers and practitioners.

Project management governance : a situational approach

The purpose of this paper is to show how project management governance is addressed through the use of a specific meta-method. Governance is defined here on two criteria: accountability and performance. Accountability is promoted through transparency and performance is promoted by responsive and responsible decision-making. According to a systemic perspective, transparency and decision-making involve having information, tacit or explicit knowledge, as well as understanding of the context, the different parameters and variables, their interaction and conditions of change. Although this method of methods was built according a heuristic process involving 25 years of various researches and consulting activities, it seems appropriate to draw its foundations. I clarify first my epistemological position and the notion of project and project management, as Art and Science. This lead me to define a "Be" / "Have" posture to this regards. Then, the main theoretical roots of MAP Method are exposed: Boisot' s Social Learning Cycle, Praxeology and Theory of Convention. Then we introduced the main characteristics of the method and the 17 methods and tools constituting MAP "tool box", thus with regard to the project management governance perspective. Finally, I discuss the integration of two managerial modes (operational and project modes) and the consequence in term of governance in a specific socio-techno-economic project/context ecosystem.

Vulnerabilities in the courtroom

Book summary: In a constantly evolving context of performance management, accountability and risk assessment, police organisations and frontline police officers are required to pay careful attention to what has come to be known as ‘at risk people’, ‘vulnerable populations’ or ‘vulnerable people’. Vulnerable people have become a key focus of policy. Concurrently, there have been stronger demands on police, and a steep increase in police powers in relation to their interaction with vulnerable people. The premise of this protectionist and interventionist agenda is threefold: to protect the rights of vulnerable individuals proactively cater for their vulnerability within the justice system; and to secure police operations and protocols within strict guidelines. This collection unpacks ‘vulnerable people policing’ in theory and practice and guides the reader through the policing process as it is experienced by police officers, victims, offenders, witnesses and justice stakeholders. Each chapter features a single step of the policing process: from police recruit education through to custody, and the final transfer of vulnerable people to courts and sentencing. This edited collection provides analytical, theoretical and empirical insights on vulnerable people policing, and reflects on critical issues in a domain that is increasingly subject to speedy conversion from policy to practice, and heightened media and political scrutiny. It breaks down policing practices, operations and procedures that have vulnerable populations as a focus, bringing together original and innovative academic research and literature, practitioner experience and discussion of policy implications (from local and international perspectives). The particular nature of this collection highlights the multi-disciplinary nature of police work, sheds light on how specific, mandatory policies guide police officers steps in their interaction with vulnerable populations, and discusses the practicalities of police decision making at key points in this process.

Teachers’ perceptions of the use of an external change agent in school curriculum change

An external change agent (ECA) was recently employed in three Queensland schools to align the school curriculum with the requirements of the state’s high stakes test known as the Queensland Core Skills test (QCS). This paper reports on the teachers’ perceptions of a change process led by an ECA. With the ever-increasing implementation of high stakes testing in Australian schools, teachers are under mounting pressure to produce ‘results’. Therefore, in order to maximise their students’ success in these tests, schools are altering their curricula to incorporate the test requirements. Rather than the traditional method of managing such curriculum change processes internally, there is a growing trend for principals to source external expertise in the form of ECAs. Although some academics, teachers, and much of the relevant literature, would regard such a practice as problematic, this study found that in fact, teachers were quite open to externally led curriculum change, especially if they perceived the leader to be knowledgeable and creditable in this area.

Antecedents of sustainable management support for IT-related initiatives

Having IT-related capabilities is not enough to secure value from the IT resources and survive in today’s competitive environment. IT resources evolve dynamically and organisations must sustain their existing capabilities to continue to leverage value from their IT resources. Organisations’ IT-related management capabilities are an important source of their competitive advantage. We suggest that organisations can sustain these capabilities through appropriate considerations of resources at the technology-use level. This study suggests that an appropriate organisational design relating to decision rights and work environment, and a congruent reward system can create a dynamic IT-usage environment. This environment will be a vital source of knowledge that could help organisations to sustain their IT-related management capabilities. Analysis of data collected from a field survey demonstrates that this dynamic IT-usage environment, a result of the synergy between complementary factors, helps organisations to sustain their IT-related management capabilities. This study adds an important dimension to understanding why some organisations continue to perform better with their IT resources than others. For practice, this study suggests that organisations need to consider a comprehensive approach to what constitutes their valuable resources.

Australian Tax Analysis [8th Edition]

Now in its eighth edition, Australian Tax Analysis: Cases, Commentary, Commercial Applications and Questions has a proven track record as a high level work for students of taxation law written by a team of authors with many years of experience. Taking into account the fact that the volume of material needed to be processed by today’s taxation student can be overwhelming, the well-chosen extracts and thought-provoking commentary in Australian Tax Analysis, 8th edition, provide readers with the depth of knowledge, and reasoning and analytical skills that will be required of them as practitioners. As well as the carefully selected case extracts and the helpful commentary, each chapter is supplemented by engaging practice questions, involving problem-solving, commercial decision-making, legal analysis and quantitative application. All these elements combined make Australian Tax Analysis an invaluable aid to the understanding of a subject that can be both technical and complex.