On the relation between ownership structure and capital structure

The agency relationship between managers and shareholders has the potential to influence decision-making in the firm which in turn potentially impacts on firm characteristics such as value and leverage. Prior evidence has demonstrated an association between ownership structure and firm value. This paper extends the literature by examining a further link between ownership structure and capital structure. Using an agency framework, it is argued that the distribution of equity ownership among corporate managers and external blockholders may have a significant relation with leverage. The empirical results provide support for a positive relation between external blockholders and leverage, and non-linear relation between the level of managerial share ownership and leverage. The results also suggest that the relation between external block ownership and leverage varies across the level of managerial share ownership. These results are consistent with active monitoring by blockholders, and the effects of convergence-of-interests and management entrenchment.

Marx as a Critical Discourse Analyst: The genesis of a critical method and its relevance to the critique of global capital

In this paper we identify elements in Marx´s economic and political writings that are relevant to contemporary critical discourse analysis (CDA). We argue that Marx can be seen to be e n gaging in a form of discourse analysis. We identify the elements in Marx´s historical materialist method that support such a perspective, and exemplify these in a longitudinal comparison of Marx´s texts.

Factors affecting cane yield and commercial cane sugar in the Tully district

The Tully Sugar Mill has collected information about sugarcane supplied for crushing from every block in the mill district from 1970 to 1999. Data from 1988 to 1999 were analysed to understand the extent of the variation in cane yield per hectare and commercial cane sugar in the Tully mill area. The key factors influencing the variation in cane yield and commercial cane sugar in this commercial environment were identified and the variance components computed using a restricted maximum likelihood methodology. Cane yield was predominantly influenced by the year in which it was harvested, the month when the crop was ratooned (month of harvest in the previous year) and the farm of origin. These variables were relatively more important than variety, age of crop or crop class (plant crop, first ratoon through to fourth or older ratoons) and fallowing practice (fallow or ploughout-replant). The month-of-ratooning effect was relatively stable from year-to-year. Commercial cane sugar was influenced by the year of harvest, the month of harvest and their interaction, in that the influence of the month of harvest varied from year to year. Variety and farm differences were also significant but accounted for a much lower portion of the variation in commercial cane sugar. An empirical model was constructed from the key factors that influenced commercial cane sugar and cane yield to quantify their combined influence on sugar yield (t/ha). This may be used to assist mill personnel to predict their activities more accurately, for example to calculate the impact of a late finish to the current harvest season on the following year's crop.