Job satisfaction among financial planners in Australia

Purpose - Job satisfaction has been the subject of a considerable body of research. In this study, the authors examine job satisfaction among financial planners in Australia, a relatively new profession which has been the subject of very little research.

Method/Approach - A national survey of financial planners was conducted, using a sample of convenience drawn from websites of two large organisations in the financial and insurance industry employing, or having agency agreements with, financial planners. A job satisfaction questionnaire designed for Australian conditions was used.

Findings - Based on a literature review, hypotheses were examined regarding the relationship between job satisfaction and age, job tenure, gender and type of employing organisation, and between job satisfaction and motivation. Results of this survey indicated little correlation between job satisfaction and age, gender, tenure or type of employing organisation. On the other hand, a positive relationship between job satisfaction and motivation was evident.

Practical implications – Respondents comments helped elucidate reasons for financial planner’s job satisfaction or dissatisfaction. Observations provided indicators that may help management nurture a positive job response among employees.

Value of this paper – Practically, this paper contributes to an underdeveloped area of research. It highlights scope for future research in two particular fields. Firstly, in-depth case studies to explore more thoroughly issues of job satisfaction and dissatisfaction. Secondly, with access to a larger number of employed financial planners a comparative study between those and self-employed financial planners on the subject of job satisfaction may enlighten managers and the profession generally.

How prepared was Australia for international financial reporting standards? The case of listed firms

We measure the preparedness of listed firms for international financial reporting standards (IFRS) by changes in explanations from Australian GAAP to IFRS between the half-year and annual accounts. About one-third of sample firms changed their explanations for earnings, cashflows or equity by averages of about −7%, 67% and 3% respectively. Most changes are less than 5% for earnings and equity, and tax is the item most commonly revised. More profitable firms and firms with more reconciling items are most likely to change an explanation. In a telephone survey of chief financial officers, 70% revealed that the change followed an incorrect application of an accounting rule in the half-year accounts.

Tennis Australia : a case study of financial management for sport development at the club level

There has been substantial work that examines financial management in professional sport which has assisted scholars and practitioners to better understand processes and policies to ensure teams and leagues are sustainable (Andreff & Staudohar, 2000; Howard & Crompton, 2004; Kraekel, 2007; Lewis, Sexton, & Lock, 2007; Li, Hofacre, & Mahony, 2001). However, there has been a paucity of scholarly research that examines financial management at the grass roots levels of sport, and how this integrates with national sport organisation strategic planning, with the exception of the recent work by Havaris and Danylchuk (2007). This study aims to add to this gap in knowledge by examining financial management at the club level of tennis in Australia.

Effects of financial disadvantage on use and non-use of after hours care in Australia

Policy addressing the provision of primary care after hours (AH) is currently in flux because of concerns about equity of access and cost. In this study we examine the effects of socioeconomic disadvantage on access to AH care and episodes of not seeking AH care when needed among users and non-users of AH care. The effects of health on these relationships were also explored. The total sample consisted of 5538 users of AH care and 891 non-users of AH care who were randomly selected for telephone interviews. Factors determining AH care included accessibility that is structural barriers to use of care such as distance and transport, as well as affordability and availability. Logistic regression was used to determine the impact of financial disadvantage on episodes of not seeking AH care. Barriers to use of AH care and household health were subsequently added to the models to assess their impact. The results suggested that there were inequities in access to AH care but these were a function of barriers to AH care use rather than financial disadvantage per se. Accessibility and availability were significant barriers to use of AH clinics among both user and non-user samples. Affordability was only a significant barrier among users of AH care. The study suggests that policy aimed at reducing these barriers may effectively address inequities in AH care but that to be optimally effective policy change would also need to be accompanied by changes in consumer awareness.

‘To exercise a beneficial influence over a man’ : marriage, gender and the native institutions in early colonial Australia

This chapter examines understandings of marriage among missionaries and humanitarians connected with two early colonial ‘Native Institutions’. A comparison of the Parramatta Native Institution in New South Wales and the Albany Native Institution in Western Australia demonstrates that concerns about marriage were central in discussions about the formation and maintenance of these Institutions. Both of these Institutions were established and supported by British evangelicals, who had brought with them to Australia powerful assumptions about gender roles, particularly in
marriage. These assumptions influenced their decisions regarding the children who resided in the Native Institutions. Within specific colonial contexts, however, the assumptions of humanitarians and missionaries did not remain static, and debates over the futures of the Aboriginal children they sought to educate reveal complex and shifting hierarchies of race, gender and class.

The effects of financial constraints on corporate policies in Australia

We jointly study the impact of financial constraints on Australian companies' investment decisions and demand for liquidity. By examining a large sample of Australian firms over the period 1990–2003, we find that financial constraints not only reduce the sensitivity of investment to the availability of internal funds, but also increase the responsiveness of cash holdings to internally generated cash flows. Further analysis shows that the impact of financial constraints varies across different cash flow states; that is, financial constraints have a small effect on corporate investment and cash policies when cash flows are positive. In contrast, the severity of constraints is high in negative cash flow years in which the cost disadvantage of external finance coincides with deteriorating operating performance.

Education and training institutions : building social capital for regional development

Education and training institutions from schools through to universities have a vital role in supporting development in regional Australia. The interaction between these institutions and their rural communities influences the social capital of the community and the extent to which the community is a learning community, willing and able to manage change to the community’s advantage.

There are benefits to be had from a collaborative approach to planning and delivering training. This approach is consistent with theories of social capital that emphasise the crucial part played by networks, values and trust in generating superior outcomes for individuals, communities and regions. Research has found that education and training is most effective in building social capital and learning communities were there is attention to customising or targeting education and training provision to local needs. The key to matching provision with local needs, particularly in the more rural and remote areas, is collaboration and partnerships. Partners can be regional organisations, other educational institutions, businesses and government. The factors that enhance the effectiveness of the collaborations and partnerships are the elements of social capital: networks, shared values and trust, and enabling leadership.

Networks are most effective where there were opportunities and structures for interaction, which can be termed interactional infrastructure, that foster networks within the region, and networks that extended outside the region. Interactional infrastructure includes regional forums, committee structures, consultative processes and opportunities for informal discussion addressing the issues of education, training and employment in a community or region. Better outcomes are evident when there is an interactional infrastructure that is resourced with financial, physical and human resources of sufficient quantity and quality. Collaborations provide access to a greater range of external resources through extended external networks. Effective networks and shared visions, values and trust among the partners in a collaboration, are fostered by enabling leaders. Educational institutions are well placed to supply the ‘human infrastructure’ that makes collaborations and partnerships work, including enabling leadership.

Attention to factors associated with the quality of social capital, especially interactional infrastructure including leadership, shared vision and values and networks within and external to the community, can be expected to improve the effectiveness of education and training outcomes. More importantly, a collaborative approach to planning for education and training in rural regions will build the capacity of regions and their constituent communities to develop and change by building social capital resources. Leadership is an important driver of processes that build community and regional capacity and ultimately produce social and economic benefits through regional development. Educational providers in rural regions are well placed to act as enabling leaders.

The relevance of professional institutions to students and early career practitioners in the property and construction industries within Australia

The role of professional institutions and the transition from student membership to full professional membership among real estate and construction students in Australia is examined. Students’ perceptions of professional qualifications and institution membership is explored to show that graduates seek networking and career advancement opportunities over professional training and development opportunities. The expectation of many young practitioners is that they will work outside Australia during their career and this has significant implications for the future policy development of professional bodies. The paper provides a valuable insight into the aspirations of young professionals and goes some way to identifying the reasons for the low level of transition from student membership to full membership of the national and international professional bodies.

Using benchmarking to improve the financial and social sustainability of commercial goat meat, cashmere and mohair farms in Australia

Production and financial benchmarking was undertaken with commercially motivated mohair, cashmere and goat meat farmers in Australia. There were large differences in animal and fleece production and financial returns between the best and worst performing farms. Farmers and industry groups reported that the process and results were helpful and resulted in them changing management practices. Benchmarking demonstrated that there is substantial scope to increase productivity and profitability through improved genetic selection and improved management of pastures, breeding flocks and in kid survival and growth.

Citizenship and the political institutions of cultural diversity in Australia

This thesis uses political theory to analyse and compare the Aboriginal and Torres Strait Islander Commission and the Federation of Ethnic Communities' Councils of Australia. It argues that 'self-determination' and 'multiculturalism' in practice hide the power of the Anglo-Australian dominant culture and stifle the possibilities of more viable intercultural political innovation.

Financial structure and policy of Australia's retirement system

Inoreasing life expectancies for both males and females in the Asia-Pacific region have resulted in an ageing population. Given an ageing p'opulation, adequate income is of increasing importance to people who will experience longer periods in retirement. This paper provides an overview of the structure of the Australian retirement system which includes a means-tested government provided age pension, retirement savings and voluntary savings. Despite policy Initiatives to boost retirement savings and income, it is concluded that due to the relative immaturity of this system it will fail to provide many community groups (baby-boomers, females, low income earners, long-term unemployed, part-time workers) with an adequate retirement income.

The effects of the late 2000s global financial crisis on Australia's construction demand

An accurate measurement of the impacts of external shocks on construction demand will enable construction industry policymakers and developers to make allowances for future occurrences and advance the construction industry in a sustainable manner. This paper aims to measurethe dynamic effects of the late 2000s global financial crisis on the level of demand in the Australian construction industry. The vector error correction (VEC) model with intervention indicators is employed to estimate the external impact from the crisis on a macro-level construction economic indicator, namely construction demand. The methodology comprises six main stages to produce appropriate VEC models that describe the characteristics of the underlying process. Research findings suggestthat overall residential and non-residential construction demand were affected significantly by the recent crisis and seasonality. Non-residentialconstruction demand was disrupted more than residential construction demand at the crisis onset. The residential constructionindustry is more reactive and is able to recover faster following the crisis in comparison with the non-residential industry. The VEC model with intervention indicators developed in this study can be used as an experiment for an advanced econometric method. This can be used to analyse the effects of special eventsand factors not only on construction but also on other industries.

Customer-owned banking in Australia: from credit union to mutual bank

Since the 1990s financial sector regulation in Australia has treated credit unions and building societies the same as banks under the designated title of authorized depository institutions. This allows credit unions to choose between different organizational structures: cooperative; convert to customer-owned banks or to demutualize. This article utilizes semi-structured interviews to analyse the key motivations for organizational change. It examines a number of credit unions and their conversion experience to customer-owned banks. It finds that adaptation of the credit union model was necessary to change customer perceptions, ensure future growth in the customer base and assets, and facilitate access to capital raisings with the credit rating of a bank. Despite this change customer-owned banks retain the core principals of mutuality.