Understanding Formal and Informal Governance on Infrastructure Projects - Literature Review [industry report]

In Australia, collaborative contracts have been increasingly used to govern infrastructure projects. These contracts combine formal and informal mechanisms to manage project delivery. Formal mechanisms (e.g. financial risk sharing) are specified in the contract, while informal mechanisms (e.g. integrated team) are not. The paper reports on a literature review to operationalise the concepts of formal and informal governance, as the literature contains a multiplicity of, often un-testable, definitions. This work is the first phase of a study that will examine the optimal balance of formal and informal governance structures. Desk-top review of leading journals in the areas of construction management and business management, as well as recent government documents and industry guidelines, was undertaken to to conceptualise and operatinalise formal and informal governance mechanisms. The study primarily draws on transaction-cost economics (e.g. Williamson 1979; 1991), relational contract theory (Feinman 2000; Macneil 2000) and social psychology theory (e.g. Gulati 1995). Content analysis of the literature was undertaken to identify key governance mechanisms. Content analysis is a commonly used methodology in the social sciences area. It provides rich data through the systematic and objective review of literature (Krippendorff 2004). NVivo 9, a qualitative data analysis software package, was used to assist in this process. Formal governance mechanisms were found to be usefully broken down into four measurable categories: (1) target cost arrangement (2) financial risk and reward sharing regime (3) transparent financials and (4) collaborative multi-party agreement Informal governance mechanisms were found to be usefully broken down into three measurable categories: (1) leadership structure (2) integrated team (3) joint management system We expect these categories to effectively capture the key governance drivers of outcomes on infrastructure projects. These categories will be further refined and broken down into individual governance mechanisms for assessment through a large-scale Australian survey planned for late 2012. These individual mechanisms will feature in the questionnaire that QUT will deliver to AAA in October 2012.

Institutional investors, risk/performance and corporate governance

Modern portfolio theory suggests that investors minimize risk for a given level of expected return by carefully choosing the proportions of various assets. This study sets out to determine the role of the institutional investor in monitoring risk and firm performance. Using a sample of Australian firms from 2006 to 2008, our empirical study shows a positive association between firm-specific risk, risk-management policy, and performance for firms with increasing institutional shareholdings. The study also finds that the significance of this association depends on the institutional investor's ability to influence management, which in turn depends on the size of ownership and whether the investee firm does not have potential business dealings with the investor. We also find that when firms are financially distressed, institutional investors engage in promoting short-term performance or exit rather than support long-term value creation. The results are robust while controlling the potential for endogeneity and using sensitivity tests to control for variants of performance and risk. These findings add to the growing body of literature examining institutional ownership and the importance of understanding the role of risk-management in the risk and return relation.

A study of safety leadership and safety governance for board members and senior executives

This thesis is an investigation of the fields of leadership and corporate governance in the context of workplace safety. The research has made a contribution by defining four criteria of safety leadership and applying these criteria to board members, senior executives and written communications. The thesis outlines the findings of two studies; the first is an analysis of public disclosures in ASX200 annual reports and CSR reports, and the second comprises two case studies of large Australian companies including interviews with board members and senior executives. The concept of safety governance is defined and a safety governance framework is developed.

Blood in our hearts or blood on our hands? The viscosity, vitality and validity of Aboriginal 'blood talk'

Blood metaphors abound in everyday social discourse among both Aboriginal and non-Aboriginal people. However, ‘Aboriginal blood talk’, more specifically, is located within a contradictory and contested space in terms of the meanings and values that can be attributed to it by Aboriginal and non-Aboriginal people. In the colonial context, blood talk operated as a tool of oppression for Aboriginal people via blood quantum discourses, yet today, Aboriginal people draw upon notions of blood, namely bloodlines, in articulating their identities. This paper juxtaposes contemporary Aboriginal blood talk as expressed by Aboriginal people against colonial blood talk and critically examines the ongoing political and intellectual governance regarding the validity of this talk in articulating Aboriginalities.

Development and integration of a solar powered unmanned aerial vehicle and a wireless sensor network to monitor greenhouse gases

Measuring gases for environmental monitoring is a demanding task that requires long periods of observation and large numbers of sensors. Wireless Sensor Networks (WSNs) and Unmanned Aerial Vehicles (UAVs) currently represent the best alternative to monitor large, remote, and difficult access areas, as these technologies have the possibility of carrying specialized gas sensing systems. This paper presents the development and integration of a WSN and an UAV powered by solar energy in order to enhance their functionality and broader their applications. A gas sensing system implementing nanostructured metal oxide (MOX) and non-dispersive infrared sensors was developed to measure concentrations of CH4 and CO2. Laboratory, bench and field testing results demonstrate the capability of UAV to capture, analyze and geo-locate a gas sample during flight operations. The field testing integrated ground sensor nodes and the UAV to measure CO2 concentration at ground and low aerial altitudes, simultaneously. Data collected during the mission was transmitted in real time to a central node for analysis and 3D mapping of the target gas. The results highlights the accomplishment of the first flight mission of a solar powered UAV equipped with a CO2 sensing system integrated with a WSN. The system provides an effective 3D monitoring and can be used in a wide range of environmental applications such as agriculture, bushfires, mining studies, zoology and botanical studies using a ubiquitous low cost technology.

Analysing governance of Australia's system of landscape-based greenhouse gas abatement

Healthy governance systems are key to delivering effective outcomes in any broad domain of natural resource management (NRM). One of Australia's emerging NRM governance domains is our national framework for greenhouse gas abatement (GGA), as delivered through a wide range of management practices in the Australian landscape. The emerging Landscape-Based GGA Domain represents an innovative governance space that straddles both the nation's broader NRM Policy and Delivery Domain and Australia's GGA Domain. As a point-in-time benchmark, we assess the health of this hybrid domain as it stood at the end of 2013. At that time, the domain was being progressed through the Australian government's Clean Energy Package and, more particularly, its Carbon Farming Initiative (CFI). While significant changes are currently under development by a new Australian government, this paper explores key areas of risk within the governance system underpinning this emerging hybrid domain at that point in time. We then map some potential reform or continuous improvement pathways required (from national to paddock scale) with the view to securing improved landscape outcomes over time through widespread GGA activities.

DS-VBF : dual sink vector-based routing protocol for underwater wireless sensor network

Underwater wireless sensor networks (UWSNs) have become the seat of researchers' attention recently due to their proficiency to explore underwater areas and design different applications for marine discovery and oceanic surveillance. One of the main objectives of each deployed underwater network is discovering the optimized path over sensor nodes to transmit the monitored data to onshore station. The process of transmitting data consumes energy of each node, while energy is limited in UWSNs. So energy efficiency is a challenge in underwater wireless sensor network. Dual sinks vector based forwarding (DS-VBF) takes both residual energy and location information into consideration as priority factors to discover an optimized routing path to save energy in underwater networks. The modified routing protocol employs dual sinks on the water surface which improves network lifetime. According to deployment of dual sinks, packet delivery ratio and the average end to end delay are enhanced. Based on our simulation results in comparison with VBF, average end to end delay reduced more than 80%, remaining energy increased 10%, and the increment of packet reception ratio was about 70%.

The impact of Internet marketing capabilities on international network capability, a cross country study comparison between Australia, Chile and Taiwan internationalised SMEs

The Internet has been shown to positively enhance internationalisation for SMEs, but scant empirical testing limits our understanding of the explicit impact of the Internet on firm internationalisation. This paper highlights key areas where the integration of the Internet can be leveraged through Internet-related capabilities within the internationalisation of the firm. Specifically, this study investigates how Internet marketing capabilities play a role in altering international information availability, international strategic orientation, and international business network relationships. This study provides evidence, indicating that these key relationships may vary between countries. To examine these key relationships this study utilises draws from data small and medium sized enterprises (SMEs) in three export intensive markets; Australia (215 international SMEs), Chile (204 international SMEs) and Taiwan (130 international SMEs); and tests a conceptual model through structural equation modelling. Results from the data show the impact of Internet marketing capabilities in positively impacting traditional internationalisation elements, which varies between countries. That is, our findings highlight the international business network relationships in Australia and Taiwan are directly impacted by Internet marketing capabilities, but not in Chile. We offer some insight into why we see variance across comparative exporting countries in how they leverage new technological capabilities for internationalisation and firm performance.