Interest, nations, and the state in development: Instability in archipelic Southeast Asia

The Southeast Asian archipelago has become marked by divisions
within existing states, placing significant local constraints upon
the process of ‘development’. These divisions include ‘vertical’
challenges to the state, i.e. they have the capacity to split the state
into geographic divisions based on proto-nationalist identity, and
‘horizontal’ challenges to the state, defined by ethnic and
communal rivalry and conflict. This brief paper will canvas some
issues in such divisions.

Interpreting the public interest : A survey of professional accountants

The accounting profession, like all professions, has a commitment to advance the interests of the general community, as well as those they are contractually bound to serve. Providing services altruistically, at times without compensation, is a salient feature of the public interest ideal. A review of the literature indicates that the profession has abandoned its public interest role so that serving self-interest now appears to have primacy ( Bédard 2001 ; Canning and O'Dwyer 2001 ; Parker 1994 ; Saravanamuthu 2004 ). The aim of this paper is to examine members' interpretation of the public interest ideal and to elicit their perceptions on issues arising from the literature. The results of a survey to members of CPA Australia indicate that members can iterate the formal definition of the public interest, but their application of the public interest in conflict of interest situations is inconsistent with this definition.

Board directors and conflict of interest : a study of a sport league

Conflict of interest is one aspect of governance that has the potential to damage both an organisation and those who govern that organisation. Board directors of sport organisations are faced with a number of influences particular to sport business, which can impact on the process of managing conflict of interest. This research identified processes and attributes that influence directors: selection processes, outside roles, experience, regulation, education, motivation and qualifications. Directors and CEOs drawn from a sample of five Australian Football League (AFL) clubs and members of the AFL commission were interviewed. Data analysis was undertaken using a constructivist grounded theory method, and key processes (selection processes and director education) and attributes (outside roles, experience, regulation, motivation and qualifications) of non-executive directors were identified. By better understanding the influences on board directors in sport organisations, and the impact of these on managing conflict of interest, the potential for damage to the directors and the organisation may be decreased.

Conflicts of interest and China's A-share underpricing

The extremely high A-share underpricing in China's primary market provides us with a very interesting area of empirical research. Previous studies on China's IPO underpricing have been suggestive, but inconclusive. A significant decline in A-share underpricing is found in 2003 relative to previous years (and much less than that recorded in the literature to date). We examine the validity of previous A-share underpricing models, reported in the literature, and find a statistically significant structural break in the data during 2003 when these models are specified. We further explore conflicts of interest in the Chinese IPO market and specify an alternative model to further examine this change in observed market behavior. Our results suggest that a contract with high underwriter's fee leads to less A-share underpricing. Our results also suggest that the asymmetric information hypothesis does not apply in the Chinese IPO market in 2003. Overpricing by the secondary market and the trading activity on the first trading day are the main functions of the A-share underpricing. This study has important implications such as guiding the Chinese government policy regarding the regulations of initial public offering.

Reflections on the public interest in accounting

The expression, ‘the public interest’ is so ingrained in policy development, that reforms in accounting are often championed under the notion that such developments will enhance the well-being of the community. While the public interest is well understood at policy level, at operating level the expression is ambiguous and has a multiplicity of interpretations. Current conceptions of the public interest are inadequate to define a principle which must stand as a measure of public policy. Who exactly is the public, what are the interests of the public, and what does it mean to serve the public interest? Consequently, members of the accounting profession are expected to comply with a principle that is vague and ambiguous. This paper undertakes a critical analysis of the public interest in accounting relying on a typology of public interest theories (normative, consensualist, process, and abolitionist theories) developed by Cochran [Cochran CE. Political science and “the public interest”. The Journal of Politics 1974;36(2):327–55]. The analysis indicates that existing knowledge and understanding of the public interest, is in part, consistent with some aspects of the Cochran’s [Cochran CE. Political science and “the public interest”. The Journal of Politics 1974;36(2):327–55] typology of public interest theories and inconsistent in others. The analysis also indicates that there is room for the profession to provide further guidance on the meaning of the public interest and how to apply it in practice.

Global governance in the collective interest : between complex multilateralism and networked governance

This paper navigates the theoretical landscape between the concepts of Robert O’Brien et al’s ‘Complex Multilateralism’ and Anne-Marie Slaughter’s ‘Networked Governance’ to make both an empirical and normative argument about the practices of Global Governance. By incorporating state and non-state actors, as well as overlapping international regimes and institutions in the practices of Global Governance, this paper argues that the transition from traditional multilateralism, based almost solely on the activity of states, towards varying degrees of complex multilateralism is both clearly evident and gathering pace. A stronger form of complex multilateralism would appear to be heading towards what Slaughter describes as ‘Networked Governance’ that would see a rejection of a centralized approach to global governance. The paper takes this concept into consideration and maps out how this may, or may not, be an effective approach to Global Governance.