Legal regulation and corporate governance in China`s top 100 listed companies

This article reports findings from an empirical study of corporate governance in China's top 100 listed companies. It examines the effectiveness of legal regulation, enforcement and remedies, finding that China's company and securities laws have not provided as string a legal framework for the protection of stakeholders im China's stock exchange listed companies as might be expected by investors.

Auditor selection : what influences decisions by listed companies?

Major business failures, including Enron and WorldCom in the United States and Harris Scarfe and HIH in Australia, and related alleged audit failures, have put the choice of auditor on the agenda. The choice of the right auditor has economic consequences for an auditee and implications for corporate governance. Factors important to explaining auditor choice are discussed, including institutional factors (pertaining to the auditee and auditor) and newer emerging criteria as well as networking between directors and auditors. Relevant research and the policy implications for good corporate governance of auditor choice in publicly listed companies are explored.

Do MBA degrees matter? A study of boards of directors in Australia's top 200 companies

Pfeffer and Fong (2002) suggest that “business school enrolments have soared and business education has become a big business”. The Master of Business Administration (MBA) degree has often been held out to be useful in the career development of managers. The highest level that managers can aspire to, is to be a director of a large public company. This study investigates how many directors within the boards of Australia’s top 200 companies by market capitalization hold an MBA degree. We find that larger companies have proportionally more MBA holding directors than smaller companies. Interestingly we also find that proportionally more women hold MBAs than men; nearly one in five women directors hold an MBA within the top 200 companies dataset.

The potential for tobacco control to reduce PBS costs for smoking-related cardiovaccular disease

Objective: To estimate Pharmaceutical Benefits Scheme (PBS) subsidies for drugs to treat smoking-related cardiovascular disease (CVD) in 2001-02, and over the period of the government's Intergenerational Report (IGR), assuming current smoking prevalence rates and a 5% absolute reduction.

Design and setting: An Australian epidemiological study, using prescribing data, aetiological fraction methodology, and IGR trends.

Main outcome measures: Estimated smoking-related PBS subsidy costs in 2001-02 and predicted cumulative subsidies until 2041-42, under current and reduced smoking prevalence assumptions.

Results: The PBS costs of smoking-related CVD in 2001-02 were $126 million, 9.77% of the cost of drugs for CVD and 2.96% of total PBS subsidies. The cumulative difference in these costs over the 40-year period with a 5% drop in smoking prevalence was predicted to be $4.5 billion, a 17% reduction. The saving would be $1.14 billion discounting future costs at 5% per year.

Conclusions: Further investment in tobacco control interventions could curb the increasing cost of the PBS and contribute to government efforts to ensure the viability of Australia's healthcare-financing programs. The net present value of a campaign to reduce smoking prevalence was estimated at $1 billion, with an internal rate of return of 33%.

Impact of tobacco tax reforms on tobacco prices and tobacco use in Australia

OBJECTIVE: To document the impact of changes to tobacco taxes on the range and price of tobacco sold during the period when the National Tobacco Campaign (NTC) was run.

DATA SOURCES: Information about brand availability, pack size, and price was extracted from Australian Retail Tobacconist. A retail observational survey was undertaken to monitor actual retail prices. Data on cigarette prices, brands, packet configurations, and outlets from which they were purchased were obtained from the benchmark and three follow up population telephone surveys conducted to evaluate the NTC.

METHOD: Data from the three sources were compared to see the extent to which the impact of tax changes had been offset by greater retail discounting and a more concerted effort by consumers to purchase cheaper products.

RESULTS: Smokers were unable to cushion themselves from the sharp price increases that occurred during the third phase of the NTC. Both average recommended retail prices of manufactured cigarettes and average actual cigarette prices paid by smokers increased by 25% in real prices.

CONCLUSION: The fall in smoking prevalence over the first two phases of the NTC was substantially greater than would be expected due to tax changes alone. The fall in smoking consumption over the first two phases was slightly less than would be expected and in the third considerably higher than would be expected.

Consequences of youth tobacco use: a review of prospective behavioural studies

Background Cigarette smoking represents a significant health problem and tobacco has been identified as causing more preventable diseases and premature deaths than any other drug. Although health consequences from smoking have been documented, there has been a surprising lack of research into behavioural consequences.

Aims To review what is known of the long-term relationship between patterns of tobacco use prior to age 18 years and behavioural consequences in adulthood.

Method A literature search of electronic abstraction services from 1980 to September 2005 was conducted. To be included in the review, studies had to have large, representative samples, be longitudinal studies with baseline age under 18 years and follow-up age 18 years or older and clarify effects due to attrition, leaving 16 articles that met the inclusion criteria. Two reviewers evaluated each paper.

Findings Adolescent tobacco use predicts a range of early adult social and health problems. Surprisingly few studies met the inclusion criteria. The limited evidence available suggests that adolescent tobacco smoking increases the likelihood of early adult tobacco use and the initiation of alcohol use or the development of alcohol-related problems. The link between adolescent tobacco use and subsequent cannabis use was not resolved convincingly from the studies summarized. The effects of tobacco use on later illicit drug use tended to fall away when adjusting for underlying risk factors. Existing studies of the effects of tobacco use on later mental health have many limitations. Nevertheless, a finding that youth tobacco use may predict subsequent mental health problems deserves further investigation. The possible effects of tobacco use on academic/social problems and sleep problems also warrant further investigation.

Conclusion This review highlights links between youth tobacco use and subsequent behavioural and mental health problems. It provides health care professionals with evidence of the possible harmful effects of youth tobacco smoking on later social, emotional, and behavioural well-being.

Family and carer smoking control programmes for reducing children's exposure to environmental tobacco smoke

Background: Exposure to other people’s cigarette smoke (environmental tobacco smoke, or ETS) is an important child health issue.
Objectives: To determine the effectiveness of interventions aiming to reduce exposure of children to ETS.
Search strategy: The Tobacco Addiction Group register of studies was searched.MEDLINE, EMBASE and four other health and psychology databases were searched electronically, bibliographies of retrieved primary studies were checked and specialists in the area consulted.
Selection criteria: Controlled trials with or without random allocation were included in this review if they addressed participants (parents and other family members, child care workers and teachers) involved with the care and education of infants and young children (aged 0-12 years). All mechanisms for reduction of children’s environmental tobacco smoke exposure, and smoking prevention, cessation, and control programmes targeting these participants are included. These include smoke free policies and legislation, health promotion, social behavioural therapies, technology, education and clinical interventions.
Data collection and analysis: Two reviewers independently assessed studies and extracted data. Due to heterogeneity of methodologies and outcomes, no summary measures were possible and results were synthesised using narrative summaries.
Main results: Nineteen studies met the inclusion criteria, one of which was subsequently excluded. Three interventions were targeted at populations or community settings, seven studies were conducted in the well child health care setting and eight in the ill child health care setting. Twelve of these studies are from North America. In 12 of the 18 studies there was reduction of ETS exposure for children in both intervention and comparison groups. In only four of the 18 studies was there a statistically significant intervention effect. Three of these successful studies employed intensive counselling interventions targeted to smoking parents. There is little difference between the well infant, child respiratory illness and other child illness settings as contexts for parental smoking cessation interventions. The fourth successful intervention was in the school setting targeting the ETS exposure of children from smoking fathers.
Authors’ conclusions: Brief counselling interventions, successful in the adult health setting when coming from physicians, cannot be extrapolated to adults in the setting of child health. There is limited support for more intensive counselling interventions. There is no clear evidence for differences between the respiratory, non-respiratory ill child, well child and peripartum settings as contexts for reduction of children’s ETS exposure.

The marketing audit and business performance: an empirical study of large Australian companies

The conceptual framework of the marketing audit has been well developed by different contributors since the late 1950s. At the present time, the popular marketing textbooks and the published academic and general literature deal primarily with the theoretical and practical aspects of the marketing audit without offering any rigorous empirical justification of the practice. The teaching of the marketing audit appears to be based on the logical expectation of its usefulness, isolated case studies, and anecdotal evidence. There is little indication of how the marketing audit is actually being used, the procedure in conducting it, and how the industry perceives and evaluates its benefits. This paper attempts to explore and profile the current practice of the marketing audit in larger Australian firms. The results of this industry-based survey of 216 large Australian businesses indicated that about 48 per cent of the respondents have used the marketing audit, with 75 per cent using the self-audit method in conducting it. The respondents’ perception was that the implementation of the recommendations of the marketing audit had contributed mostly between one per cent and 10 per cent to their organisational performance.

Market capitalization of Australian stock exchange (ASX) listed biotechnology companies

Comments on the market capitalization of Australian Stock Exchange listed biotechnology companies. Background on the Australian biotechnology stock market; Factors which determine the levels of risks; Points to consider when valuing Australian biotechnology companies.

Examination of the codes of ethics artefacts in top Taiwanese companies

This study examines the use of codes of ethics artefacts among top companies in Taiwan. This research reports on the responses of those top Taiwanese companies that possessed a code of ethics. The empirical findings are compared to the findings of previous research. Top Taiwanese companies appear not to be drastically different from top companies in other countries in terms of the areas examined. Several similarities have been revealed. This study provides valuable insights into a previously unexplored corporate territory in terms of codes of ethics artefacts. Furthermore, it provides a seed and guidance for further research in other corporate cultures worldwide. Two parts of interest to business practices may be distinguished in terms of corporate codes of ethics artefacts, namely a regulatory one and one that supports staff. It also provides a valuable point of reference to previous research of corporate codes of ethics artefacts.

Comparing codes of ethics among the top companies in Australia, Canada and the USA

In the twentieth century, industrialized economies around the world enacted legislation to protect free and fair trade. These legislative initiatives were often precipitated by exposure to unethical business practices. With the fairly recent corporate business scandals around the world, ethics is once again at the forefront of concerns about commercial exchanges. This situation has become more complex with the globalization of commercial trade. Subsequently, there have been various attempts by international organizations to regulate the conduct of global corporations. One key technique to try to regulate the conduct of corporation is the use of codes of ethics. This study examines corporate codes of ethics and the measures in place to communicate the ethos of the codes to both internal and external stakeholders in three countries. A questionnaire that was non-sponsored and unsolicited was sent to the top companies operating in the private sector within Australia, Canada and the USA. Nine key areas of corporate ethics are examined and they are divided into two categories as follows:

Regulation
Consequences for a Breach
Ethical Perfonnance Appraisal
Conduct Ethical Audits

Staff Support
Support of Whistle blowers
Guide to Strategic Planning
Ethics Committee
Ethics Training Committee
Staff Training
Ethics Ombudsman.