The ownership and ownership concentration? The impact on the performance of China’s firms

This paper investigates the impact if ownership and ownership concentration on the performance of China's listed firms. By recognizing the differences between ownership and ownership concentration, and between total ownership concentration and tradable ownership concentration, we find that ownership concentration is more powerful than any category of ownership in determining firm performance and that it has approximately positive linear relations with firm value. The tradable ownership concentration has a more significant and positive influence on firm performance than total ownership cocncentration. The highest level of firm performance is approached when a firm is characterized with both total ownership concentration and tradable ownership concentration. Thus, we conclude that it is a rule that ownership concentration enhances firm performance regardless of who the concentrated owners are.

Ownership and ownership concentration: which is important in determining the performance of China’s listed firms?

This article investigates the impact if ownership and ownership concentration on the performance of China's listed firms. By recognizing the differences between ownership and ownership concentration, and between total ownership concentration and tradable ownership concentration, we find that ownership concentration is more powerful than any category of ownership in determining firm performance and that it has approximately positive linear relations with firm value. The tradable ownership concentration has a more significant and positive influence on firm performance than total ownership cocncentration. The highest level of firm performance is approached when a firm is characterized with both total ownership concentration and tradable ownership concentration. Thus, we conclude that it is a rule that ownership concentration enhances firm performance regardless of who the concentrated owners are.

Non-wage benefits, corporate ownership and firm performance in post-communist economies: evidence from Ukraine

The economic reforms in the transition economies of Central and Eastern Europe have fundamentally reshaped ownership and governance of economic production, notably through the privatization of former state-owned enterprises. These reforms were expected to transform management practices by displacing ‘cradle-to-grave’ welfare arrangements administered by state-owned enterprises. Using data drawn from two large samples of Ukrainian establishments, we investigate, in two different time points, the relationship between non-wage benefits and firm performance during the period of transition to a market economy (1994–2004). We found that non-wage benefits continued to be a critical feature of HRM practices in Ukraine during this period, and were positively associated with firm performance.

The challenges of addressing an Aboriginal responsibility for Country in land-use and national park planning: a South East Queensland case study

This paper presents research insights on the challenges that Australian Aboriginal communities living within the South East Queensland (SEQ) metropolitan region face in seeking to exercise their contemporary responsibilities to care for Country in land-use and national park planning. A case study design was adopted to analyse the incorporation of two Aboriginal communities connections to Country in state-based planning systems, and to explore the responsibilities Aboriginal communities ethically seek to adhere to in maintaining Country from their own understandings.
Country, from an Aboriginal understanding, involves a deep ecological, cultural, economic and social comprehension of ‘law’ guided by a responsibility for Country. Otherwise known as customary law and custom, Country is that which both Aboriginals and their communities are intrinsically connected to. Country is the moral value that guides Aboriginal obligation to care and this obligation could well conflict
with mainstream contemporary Western management policy and legislation.
This research draws on insights from Quandamooka Country (North Stradbroke Island) and Jagera Country (Brisbane City and Ipswich), located within the Brisbane metropolitan region in South East Queensland of Australia. During this research, it was concluded that, in both Quandamooka Country and Jagera Country, the respective Owners are operating within a sphere of increasingly complex challenges that impact upon their ability to conserve and have recognized the values of their obligations to Country care in planning. Common themes occurring on Country identified in this research included issues relating to a neglect of care to maintain Country by planners and government officials, and interactions that prevent Traditional Owners from having their obligation of caring for Country on their terms expressed through land-use planning legislation. Political agendas of the Queensland State that influences the interactions of planners and government with Traditional Owners were also concluded to be detrimental, and to damaging trust, ongoing discussions and understandings. These insights indicate that Aboriginal communities are facing an increasing conflicting range of perceptions and comprehensions that are hindering the expression and execution of their moral responsibility embodied in their deep ecological law to care for Country in Western planning legislative obligations. It illustrates that the responsibilities given to practicing planners and government officials to care for Country under Western law are commonly not adhered to It concludes with the suggestion that for some progress to recognize an Aboriginal responsibility to Country in planning, state-Traditional Owner relations and collaboration is now needed to help transcend the legislative challenges underpinning Western planning law.

Previous land use and climate influence differences in soil organic carbon following reforestation of agricultural land with mixed-species plantings

Reforestation of agricultural land with mixed-species environmental plantings (native trees and shrubs) can contribute to mitigation of climate change through sequestration of carbon. Although soil carbon sequestration following reforestation has been investigated at site- and regional-scales, there are few studies across regions where the impact of a broad range of site conditions and management practices can be assessed. We collated new and existing data on soil organic carbon (SOC, 0-30 cm depth, N = 117 sites) and litter (N = 106 sites) under mixed-species plantings and an agricultural pair or baseline across southern and eastern Australia. Sites covered a range of previous land uses, initial SOC stocks, climatic conditions and management types. Differences in total SOC stocks following reforestation were significant at 52% of sites, with a mean rate of increase of 0.57 ± 0.06 Mg C ha-1 y-1. Increases were largely in the particulate fraction, which increased significantly at 46% of sites compared with increases at 27% of sites for the humus fraction. Although relative increase was highest in the particulate fraction, the humus fraction was the largest proportion of total SOC and so absolute differences in both fractions were similar. Accumulation rates of carbon in litter were 0.39 ± 0.02 Mg C ha-1 y-1, increasing the total (soil + litter) annual rate of carbon sequestration by 68%. Previously-cropped sites accumulated more SOC than previously-grazed sites. The explained variance differed widely among empirical models of differences in SOC stocks following reforestation according to SOC fraction and depth for previously-grazed (R2 = 0.18-0.51) and previously-cropped (R2 = 0.14-0.60) sites. For previously-grazed sites, differences in SOC following reforestation were negatively related to total SOC in the pasture. By comparison, for previously-cropped sites, differences in SOC were positively related to mean annual rainfall. This improved broad-scale understanding of the magnitude and predictors of changes in stocks of soil and litter C following reforestation is valuable for the development of policy on carbon markets and the establishment of future mixed-species environmental plantings.

Statutory verification of water rights: the 'insuperable' difficulties of propertising water entitlements

The abolition of riparian entitlements in the early stages of colonial Australia and the vesting of these rights in the Crown represented a turning point for the evolution of private water rights. The extinguishment of common law rights connected to vested land interests and the introduction of new, unaligned statutory entitlements provided a new and fundamentally different system for the creation and regulation of private water entitlements. Unlike riparian entitlements, in the absence of express definition, statutory water entitlements may only be verified as property where such a construction is consistent with the nature and scope of the entitlement. In this respect, the statutory framework has disaggregated the propertisation of water rights from land ownership and linked the process to broader statutory interpretation principles. The shift away from institutional property has generated concerns about the interpretive approaches appropriate for the verification of legislative water entitlements. This article examines the existing interpretive approaches and argues that the blurring of the propertisation process with the separate issue of whether any change or modification of such water rights attracts s 51(xxxi) of the Commonwealth Constitution has produced a situation where core property indicia is increasingly overshadowed by legislative defeasibility. In the recent High Court decision of ICM Agriculture Pty Ltd v Commonwealth, the focus of the majority judgements upon the inherent susceptibility of legislative entitlements to variation or extinguishment acted as a catalyst for the non-propertisation of statutory bore water licences in New South Wales. The emphasis the majority judgements gave to legislative defeasibility precluded a full and balanced assessment of other highly relevant property indicia, in particular the expectation interests of the holders. Conflating property and constitutional evaluation in this way is inappropriate in an era where entitlements to natural resource interests are increasingly statute based and the verification process has significant social and economic repercussions. Determining whether a statutory entitlement constitutes property requires a careful balancing of legislative intent, social and environmental context and individual expectation and the vicissitudes of a regulatory context should not eclipse this process.

Multi-tenure reserve networks as a means to facilitate landscape and sub-continental connectivity?

There has been increased focus on establishing landscape and sub-continental scale linkages and corridors in Australia in recent years. These include the WildCountry, Alps to Atherton, Naturelinks and Gondwana Link initiatives. However, there has been little discussion as to what the underlying tenure, land use and protection mechanisms might look like on the ground. The development of Biosphere Reserves and Conservation Management Networks (collectively ‘multi-tenure reserve networks’) which incorporate public and private conservation lands under a variety of tenures and protection mechanisms provides example of how this might be achieved.

Whilst the rhetoric has been strong the amount of actual research on what multi-tenure reserve networks mean in practice has been limited. This paper reflects on the lessons acquired from research into these networks and discusses with this practical insight the difference between rhetoric and performance in this vital area. In particular we discuss some of the ecological, social, governance and legal aspects of these networks. We will also proceed to hypothesise on what the future challenges are for multi-tenure reserve networks and what will be needed to overcome these challenges.

East Rennell World Heritage Site : misunderstandings, inconsistencies and opportunities in the implementation of the World Heritage Convention in the Pacific Islands

Continuing traditional land tenure and resource use pattern the landscapes and seascapes of the Pacific Islands, and the rights of customary land owners are enshrined in the constitutions of many Pacific Island states. The implications of this for heritage conservation programs implemented by national governments under international Conventions and Agreements are explored through a case study of East Rennell World Heritage site, the first site to be inscribed based on natural criteria under customary ownership and management. Dissatisfaction with World Heritage listing expressed by the community of East Rennell is argued to reflect inconsistencies in the requirements for inscription of the property and a tension between the conservation and ‘beauty pageant’ functions of the World Heritage List.

Private protected areas in Australia: current status and future directions

Despite the recognised importance of private land for biodiversity conservation, there has been little research into systems of private protected areas at a country-wide level. Here I look at definitions, legislation, ownership, management approaches and effectiveness, distribution and incentives provided to private protected areas in Australia. The term 'private protected areas', although increasingly used, still suffers from a lack of a clear and concise definition in Australia. Australian states and territories have legislation enabling the application of conservation covenants over private land; covenants being the primary mechanism to secure conservation intent on the title of the land in perpetuity. If considering all 'in perpetuity' conservation covenants under a dedicated program to be private protected areas and land owned by non-government organisations and managed for the purpose of biodiversity conservation, there were approximately 5,000 terrestrial properties that could be considered private protected areas in Australia covering 8,913,000 ha as at September 2013. This comprises almost 4,900 conservation covenants covering over 4,450,000 ha and approximately 140 properties owned by private land trusts covering approximately 4,594,120 ha. Most conservation covenanting programs now seek to complement the comprehensiveness, adequacy and representativeness of the public reserve system, either stating so explicitly or by aiming to protect the highest priority ecosystems on private land. There are a range of incentives offered for private land conservation and requirements of owners of private protected areas to report on their activities vary in Australia. However, there are a number of key policy challenges that need to be addressed if private protected areas are to achieve their full potential in Australia, including managing broad-scale ecosystem processes, protection and tenure reform, improved financial incentives, and access to emerging ecosystem service markets.

Disinterested truth: legitimation of the doctrine of tenure post-Mabo

This article argues that it is time for the complete abolition of feudal tenure in Australian land law and its replacement with an allodial model better able to promote proprietary independence, equality and cultural neutrality. The article considers the questionable constitutional legitimacy of adopting strict feudal tenets in a territory already inhabited by indigenous occupants. It goes on to examine the various legitimation devices that the courts have utilised to sustain the feudal construct and the effect that Mabo has had upon feudal orthodoxy. In particular, the article outlines why post-Mabo tenure is incapable of embracing a pluralist land system; it is suggested that the Eurocentric character of feudal tenure and the structural impediments associated with the acceptance of a non-Crown title prevent it from ever being able to effectively integrate native title into the structure of property law. In light of this, the article argues that post-Mabo tenure lacks both legal and social legitimacy and the 'disinterested' perpetuation of this system must be brought to an end. The article argues that the time has well and truly come to replace feudal tenure with an allodial model based broadly on the system that has developed in the United States but with particularised adaptations. The removal of the Crown and its associated cultural assumptions from the land framework would, it is argued, allow land interests to develop according to their individual cultural origins. This would create a more responsive and balanced system better equipped to embrace the developments of contemporary common law jurisprudence.

Land use, water quality and ecological responses in Lake Colac – trends from Australia

Purpose - Recently, Colac Otway Shire in Australia released its management plan for Lake Colac, claiming over-enrichment of the lake with nutrients and degraded water quality. This paper aims to investigate these claims by establishing a correlation between key water and ecological indicators and land uses.

Design/methodology/approach - Examines the correlation between impairment and stressors in Lake Colac. This was achieved by identifying the likely sources of pollutants into Lake Colac; identifying any existing monitoring program; and characterizing the water and sediment inputs. The likely impacts of increased nutrients and sediment levels on indigenous flora and fauna were also examined. The use of meiofauna (very small benthic metazoan animals) was investigated as an indicator of degraded sites. Plankton diversity as a measure of water health was also assessed.

Findings - Water quality in Lake Colac was found to vary both temporally and spatially, and exhibited low attainment against acceptable trigger values/objectives. At current levels the lake can be classified as poorly degraded. Likely sources of pollution were identified to be related to land uses in the catchments. The biota of the lake, investigated at four study sites, yielded a sparse, benthic macrofaunal assemblage that was dominated by oligochaetes. In contrast, an abundant and taxonomically diverse meiofaunal assemblage was noted. Future meiofaunal analyses are likely to resolve suitable biotic indicator species of free-living nematodes in response to land use and waterway threats specified in the study. Originality value - This work will provide a better understanding of integrated environmental systems to enable development of best management practices, thus transforming the way the land and water are used in the future. Following the present work, other key water and ecological indicators (increased dispersion and dominance of biological species) at five additional sites were studied. Alternative management options for the effluent generated at Colac Sewage Treatment Plant and possible ecological effects of each option were also evaluated. More recently, a sediment characterization study was also carried out at sensitive sites representative of locations where build up of sediments and algae outbreaks are reported. This will enable classification of sediment and evaluation of dredging options.

Strategic public land use assessment and planning in Victoria : over 30 years of trailblazing but where to from here?

Conflict over the appropriate uses and management of public land have been a feature of the Australian political landscape for at least the past 30 years. While various attempts have been made to establish land use assessment and planning institutions in various jurisdictions, the success of these often short lived attempts at institutional approaches for managing land use conflict have been patchy at best. The experience in the State of Victoria has been somewhat different, with public land use assessment and planning having been informed by a series of independent statutory bodies since 1970 (the Land Conservation, Environment Conservation, and Victorian Environmental Assessment Councils). To some degree at least the value of this approach is indicated by the extent to which Victoria’s bioregions are now protected in conservation reserves. However, while there has always been a statutory body in operation, the roles and responsibilities of these bodies have been subject to significant legislative change, with existing bodies replaced by new bodies in 1997 and 2001. Justifications for these reforms included changing circumstances and new understandings about environmental management, as well as changing views about public administration. As a way of contributing to enhancing the design of institutions for mediating land use conflict and contributing to sustainable land use and management, this paper investigates the lessons that can be learnt from the Victorian experience by examining the implications of the changing roles and responsibilities of these institutions, and then discussing possible future directions for strategic land use planning.

Ownership structure and corporate performance : Australian evidence

This paper seeks to analyse the relationship between ownership structure and corporate performance for fifty firms listed on the Australian Stock Exchange during 2002-2003. The study initially tests a two equation model similar to that in the existing literature, but is distinguished from prior literature by subsequently reclassifying leverage. By categorising leverage as an endogenous variable, an examination of the relationship between ownership and performance is undertaken through ordinary least squares and two stage least squares analysis of a three equation econometric model. Interestingly, empirical results illustrate the fact that managerial ownership impacts negatively on firm performance which is consistent with the management entrenchment hypothesis.

Is dog ownership or dog walking associated with weight status in children and their parents?

Issue addressed: Several studies have shown that dog owners do more physical activity than non-owners; however, associations with weight status are unknown. This study examined associations between dog ownership, frequency of dog walking and weight status among children and their parents. Methods: Height and weight were measured for 281 children aged 5-6 years and 864 children aged 10-12 years. One parent reported their own and their partner's height and weight (n=1,108), dog ownership, usual frequency their child walks a dog, and usual frequency of walking the dog as a family. Logistic regression analyses were adjusted for sex (children only), physical activity, education, neighbourhood SES, parental weight status (children only) and clustering by school. Results: Dog ownership ranged from 45-57% in the two age groups. Nearly one in four 5-6 year-olds and 37% of 10-12 year- olds walked a dog at least once/week. Weekly dog walking as a family was reported by 24-28% of respondents. The odds of being overweight or obese were lower among younger children who owned a dog (OR=0.5, 95% CI 0.3-0.8) and higher among mothers whose family walked the dog together (OR--1.3, 95% CI 1.0-1.7). Conclusions: Dog ownership may offer some protection from overweight among young children. It is important that families with a dog are encouraged to walk or play with it regularly. Associations with weight status may depend on the type of dog owned, length of ownership and the nature of walks or interaction.

Beyond mimesis : place, interpretation and response

My study examines the subjective nature of artistic interpretation through the notion of mimesis as process or transformation of material. Influential factors that mediate in the artistic process, such as memory, reflection and an awareness of cultural analogy and metaphor, are examined and related to a specific project in the studio, where the mediation process is further influenced by the materials used to produce the images. My studies of the concept of mimesis have revealed an intermediary realm that exists in the space between empirical reality and its interpretation. Throughout history the process of mimesis has been integral to all forms of the arts. In Plato's time the production of an image that simulated things as they appeared to the eye was considered a desired ideal. Aristotle later introduced developments which extended this concept to include a refiguring or reforming of material derived from the original source, making new connections between existing factors and in this transformation bringing new meanings to a symbolically constituted world. This discussion of the representation of reality, the influence of a dialogue between notions of imitation and the recreation of material continues throughout the exegesis. My study emphasises the interpretive stage of the mimetic process where a consideration of these themes is most relevant and some of the factors that can influence its outcome. It is my opinion that the production of images in response to the particularities of place can be defined in three stages. Firstly, the experience of the place; secondly, the beginning and maturation of the idea or concept; where mimesis takes place, and thirdly, the production of the art work in response. This process is illustrated in Part 2 of the exegesis, where the development of the studio work is documented and linked with the themes discussed in Part 1. The geographic site or place I selected to study is adjacent to Mt. Noorat, a volcanic site in the Western district of Victoria; the surrounding plains are littered with scoria that has been thrown out of the volcano thousands of years ago. Early British, Scottish and Irish settlers to this region used the stone to construct fences reminiscent of their homeland, through this activity they cleared the land and confined and protected their stock. My interests are in factors that include - the material of the stone, notions of enclosure and safety, of boundaries and circumscribed space, and of the cultural reflection that has taken place in this reconstruction of Eurocentric vision. These walls also represent the means by which land was enclosed and property defined, moving from a situation of public access to notions of ownership and the annexation of land for individual gain. Around each point of eruption, the craggy volcanic scoria has been used to create a constructed landscape which both symbolises and mirrors the Anglo - Celtic origins of the people. I have used the legend of Narcissus to illustrate the self-reflective and introspective processes that the settlers invoked in their attempts to come to terms with a strange land. I consider that the story of Narcissus, who fell in love with his own reflection, finds a parellel in the creation of the walls. The re-creation of artifacts from their own cultural environment provided the settlers with a familiar 'face' in an alien world; a reassurance of the familiar in an unfamiliar terrain. Part of this study is an investigation of this notion of landscape as cultural reflection. Geographers have long known that landscape is a cultural construct, an historically evolving ideal manifested in painting, prints and drawings as well as poetry, gardens and parks. One can view these constructions as illustrations or images of meaning which constitute representations of cultural ideals. The neo-classical influence reflected in the paintings of artists who accompanied the early expeditions to Australia demonstrates these themes. The medium of the mirror provides the opportunity to suggest aspects of a cultural reflection and an awareness of identity that has relevance to contemporary Australian culture, therefore, I have allowed it to play a major role throughout this study. Its role in mimesis, firstly, as a reflection in an imitative sense is established, then in its refigurative role, in which the similarities between the original and the reformed rely more on correlative factors than representation. I have used examples from the history of art to illustrate this potential. The formation and development of a narrative involving reflection threads throughout the thesis, both in the visual presentation and in the exegesis. The production of a body of paintings, drawings and sculpture reflect my interpretation and response to the particular site. The correspondences between these works and my theoretical concerns is articulated in the exegesis. The metaphor implied by the use of the walls as agents of enclosure also refers to the capacity of the individual to be confined by notional boundaries and restrictive practices where totalising systems of thought dominate theoretical debate and restrict its freedom. I have used images where gaps in the walls represent the potential implicit to the concept of liminal space, where the spectator moves from one physical space to another and from one stage of development to another. The threshold of this opening in the walls becomes the site where transformation can take place, a metaphor for the mimetic process where the initial experience is translated and transformed into the final product. The paintings, drawings and other works in this series fulfil the role of marks on the surface of the mirror, separating the initial experience from the processes of memory, reflection and speculation. The works draw attention to the materiality that they represent and yet provide the opportunity for new insights and experiences, allowing the subjective nature of artistic activity to combine symbolic elements relating to the site, resulting in the production of meaning.