Identifying attributes contributing to environmental sustainability of public-private partnership infrastructure projects

Due to increasing demands for new infrastructure and an aim to reduce initial public investment, Australian government agencies are increasingly using public-private partnerships (PPPs) as a form of delivery for infrastructure projects. Environmentally, there is growing pressure for the building industry in general to become more sustainable. Moreover, as the built environment continues to grow each year, the performance of buildings as a whole will need to continually improve purely for national energy consumption to remain stable. Based on a systematic and extensive review on relevant literature, this paper has identified the key attributes that will influence the environmental sustainability of infrastructure completed through a PPP. The key attributes are grouped into five groups defined by whom or what has the majority of control over the attribute. Meanwhile, the key attributes are explored and their influence on environmental sustainability justified. This paper was able to not only identify significant factors involved in creating environmental sustainability in infrastructure PPPs, but also trends of the key attributes. It has been found that (1) the longevity of the contract in a PPP project allows greater innovation into environmental sustainability than traditional methods of procurement, (2) innovation is a requirement for the improving upon environmental performance in the built environment, (3) improvements to environmental sustainability relies upon a positive relationship between economic and environmental benefits, and (4) the key attributes for PPP projects are decided upon relatively early in the contract. Due to space limit, detailed discussion on each of the identified attributes is not provided in this paper. Nonetheless, further research direction is discussed.

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 in-conclusive. We investigate the A- share underpricing by employing the most recent data available. 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 class of models to further examine this change in observed market behaviour. 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 !PO 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.

An exploratory study into the accountancy firms chosen by industrial company IPOS in Australia from 1994 to 2004

This study is an exploration into the choice of independent accountants made by industrial initial public offering (IPO) companies in Australia between the years 1994 to 2004. The aim of this research is to determine which companies are more likely to use one of the Top 5 accountancy firms and in so doing we seek to offer some insight into understanding the likelihood of IPO companies adopting the services of the big accounting firms. Our findings show, as predicted, that the majority of industrial IPO companies, and particularly the larger companies, used one of the Top 5 accountancy firms as their independent accountant. However, unexpected was that certain industry types were less likely to hire a Top 5 accounting firm for their independent accounting services compared to other industry categories. Our studies also found that after the year 2000 a smaller percentage of companies used independent accountants than between 1994 and 1999. Many factors contribute to the selection of an independent accountant and this paper provides some understanding of identified factors and the influence that they have over the choice of independent accountants by industrial company IPOs.

Exploratory study into the accountancy firms chosen by industrial company IPOs in Australia from 1994 to 2004

This study is an exploration into the choice of independent accountants made by industrial initial public offering (IPO) companies in Australia between the years 1994 to 2004. The aim of this research is to determine which companies are more likely to use one of the Top 5 accountancy firms and in so doing we seek to offer some insight into understanding the likelihood of IPQ companies adopting the services of the big accounting firms. Our findings show, as predicted, that the majority of industrial IPO companies, and particularly the larger companies, used one of the Top 5 accountancy firms as their independent accountant. However, unexpected was that certain industry types were less likely to hire a Top 5 accounting finn for their independent accounting services compared to other industry categories. Our studies also found that after the year 2000 a smaller percentage of companies used independent accountants than between 1994 and 1999. Many factors contribute to the selection of an independent accountant and this paper provides some understanding of identified factors and the influence that they have over the choice of independent accountants by industrial company IPOs.

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.

Auditor change during listing : effect on IPO premiums

The study investigates the relationship between auditing services provided to 213 listed firms over a period from 1996 to 2000 by reputable (or tier 1) and non-reputable (non-tier 1) audit firms and the initial returns at listing. We use market adjusted initial return to reflect the firm’s choice of auditor during the initial public offering (IPO’s). The findings show that there is an inclination for listed firms to engage tier 1 audit firms, probably due to management’s intention of signal the firm’s favorable private information and credibility and integrity of reported financial information and ultimately increasing their chances of getting listed. The findings alos show that there is no significant difference in the initial returns of IPO’s firms irrespective of the reputation of auditors. However, there is a significant difference in the initial return of main and second board firms at listing whether firms are either audited by Tier 1 or non-Tier 1 audit firms. Firms that had upward switch showed higher returns, inconsistent with the auditor reputation hypothesis. This results, however, could be biased by the large number of new firms that did not switch auditors at listing, probably due to lack of time to make changes before listing, and/or have engaged tier 1 auditors at incorporation in anticipation of listing. However, the findings showed significant higher returns for second board firms relative to main board firms. These results do not support the widely held view that firms that seek listing do switch auditors prior to their listing for positive market signalling. The results indicate that auditor’s reputation is not an important determinant of the IPO’s initial return.

Earnings management and the performance of Australian IPOs

This thesis examines earnings management in the Australian initial public offering (IPO) market. In general, the results show that Australian IPO firms do engage in earnings management at the offer date. There is sufficienct evidence to suggest that firms that manage earnings at the offer date suffer poorer long-run performance.

Board structure and survival of new economy IPO firms

Research Question/Issue: This study examines the relevance of currently accepted best practice recommendations regarding board structure on the survival likelihood of new economy initial public offering companies. We argue that industry context determines governance outcomes. Research Findings/Insights: We study 125 Australian new economy firms listed between 1994 and 2002. Each firm is tracked until the end of 2007 for monitoring their survival. We find that board independence is associated with an increase in the likelihood of corporate survival. We also find that the benefits of board independence increase at a decreasing rate. Theoretical/Academic Implications: The standard best practice recommendation of board independence stems from the monitoring role of directors and is based on agency theory. The results from our study suggest that the recommendation regarding board independence does not work well for new economy firms. While the agency theory based model implies a monotonic relation between board independence and performance, our research suggests that the relationship is nonlinear. This variation occurs because of increased monitoring costs faced by outsiders due to higher information asymmetry and complexity of new economy firms. Our empirical results suggest that inside directors play a complementary role to outsiders in mitigating firm failure. Practitioner/Policy Implications: Our research offers insights to policy makers who are interested in setting best practice standards regarding board structure. Our research suggests that firm/industry characteristics play a crucial role in determining the optimal board structure. In firms/industries where outsiders face significantly higher information processing costs, insiders can play a valuable complementary role to outsiders in enhancing the effectiveness of the board. Thus future hard or soft regulations related to board structure should consider industry context.

Coproduction and Casula's Pacifica Program: Initial research findings

This research takes Casula Powerhouse Art Centre’s Pacifica program as a case study to investigate the ways in which museum and galleries are involved in coproduction with culturally diverse communities. Coproduction is defined here as:Museum and gallery practice conducted jointly with communities or other external partiesThe benefits of coproduction are that it leads to more effective and efficient public services (including arts and cultural services) while also building the skills and capacity of the community. However coproduction is not easy, particularly because it requires public service providers and communities to work in ‘equal and reciprocal’ relationships.As an organisation with strong and strategic alliances to its governing body (Liverpool City Council), Casula brings a strong capacity for coproduction. Internally it has support and commitment to coproduction from across the organisation. The staff at Casula bring exceptional relational skills. The organisation’s capacity to coproduce draws heavily on their skills as cultural brokers and experience in community cultural development practice. The communities Casula works with bring strong cultural knowledge and practice, along with a desire to maintain and preserve these community resources. Casula’s coproduction work also meets external political needs for public services to deliver increased public value as well as a greater diversity in the profile of arts audiences.The key challenge for Casula Powerhouse’s coproduction work is the extent to which it aims for joint delivery of public services through ‘equal and reciprocal’ relationships with the community, or uses coproduction as a tool for community engagement and audience development. Advocates of coproduction in the public sector argue for its value as a means of delivering more effective and efficient public services while at the same time building the skills and capacity of local communities. A critical element of coproduction according to these writers and scholars is the development and delivery of public services through ‘equal and reciprocal’ relationships between providers and users.The value of coproduction for Casula Powerhouse and the Pacifica program is its use as a means of community engagement and audience development. Coproduction is a feature of the components of Pacifica that enable the participation of the community and provide entry points for audiences to engage with contemporary art. Evidence of this approach to coproduction can be seen in the dual ‘stakeholder’ and ‘audience’ role that the community have within the Pacifica program. The community is therefore both a contributor to Pacifica and a beneficiary of this work. The benefits Casula Powerhouse receives from the community’s involvement in Pacifica are greater public value of its work and stronger engagement with communities and audiences.Although coproduction may not be the focus of all aspects of Pacifica, the involvement of Pacific Islander communities in the program results in exhibitions and public programs that are not typical contemporary art gallery offerings. Pacifica is further evidence of Casula Powerhouse’s innovative and entrepreneurial approach to gallery practice. The use of coproduction also ensures Pacifica offers an authentic and distinctive gallery experience.

Public definitions of success in weight management

Objective: To examine perceptions of success in weight control and future weight-control intentions in a community sample. Design: Cross-sectional postal survey. Subjects: There were 1500 adults randomly selected from the Electoral Roll of Victoria (47% response). Setting: Community. Main outcome measures: Retrospective weight change over previous 12 months; perceived weight-control success; future weight-control intentions. Statistical analyses: Pearson's χ² tests were used to compare perceived weight-control success by sex, and by age, education level, initial BMI, amount of weight change and weight-loss behaviour within sex. ANOVA was used to compare mean weight change associated with perceived weight control success within sex, and within age, education, body mass index and weight-loss behaviour by sex. The distribution (frequency) of weight-control intentions are reported within perceived weight-control success and amount of weight change. Results: One in two (53%) reported maintaining their weight within 1kg in the preceding 12 months, 26% of men and 21% of women reported weight gain and 20% of men and 26% of women reported weight loss. Almost one-third (30%) of those who maintained their weight considered themselves unsuccessful. A majority of those who lost weight considered themselves successful at controlling their weight. However, more than 45% of men who gained weight also considered themselves successful. Those who considered themselves unsuccessful experienced less weight loss (1.1 ± 3.9kg) than those who considered themselves quite successful (-1.4 ± 4.5 kg, P < 0.001) or very successful (-1.3 ± 7.8 kg, P < 0.001). Conclusion: Public views of what constitutes successful weight control may need to be reoriented to be consistent with public health goals.

Talent identification and risk management at AFL clubs : 'We'll only recruit public school boys in the future'

This paper will report on a research project funded by the Australian Football League (AFL).The research mobilises Foucault's later work on the care of the Self to focus on the ways in which player identities are regulated; and the manner in which players conduct themselves in ways that can be characterised as professional - or not.

The paper explores the forms of risk management that Clubs use in the processes of talent identification that they engage in as a consequence of AFL rules. The paper discusses how psychological profiling is used to identify character traits prior to initial recruitment in the draft or trading processes - and reports on suggestions that risk management in this increasingly commerciaIised context may lead to recruitment practices that exclude certain types of persons. from
certain types of backgrounds.

Exploring the relationship between media coverage and participation in entrepreneurship : initial global evidence and research implications

Using a set of variables measured in the Global Entrepreneurship Monitor (GEM) study, our empirical investigation explored the influence of mass media through national culture on national entrepreneurial participation rates in 37 countries over 4 years (2000 to 2003). We found that stories about successful entrepreneurs, conveyed in mass media, were not significantly associated with the rate of nascent (opportunity searching) or the rate of actual (business activities commenced up to 3 months old) start-up activity, but that there was a significant positive association between the volume of entrepreneurship media stories and a nation’s volume of people running a young business (that is in GEM terminology, a business aged greater than 3 but less than 42 months old). More particularly, such stories had strong positive association with opportunity oriented operators of young businesses. Together, these findings are compatible with what in the mass communications theory literature may be called the ‘reinforcement model’. This argues that mass media are only capable of reinforcing their audience’s existing values and choice propensities but are not capable of shaping or changing those values and choices. In the area covered by this paper, policy-makers are committing public resources to media campaigns of doubtful utility in the absence of an evidence base. A main implication drawn from this study is the need for further and more sophisticated investigation into the relationship between media coverage of entrepreneurship, national culture and the rates and nature of people’s participation in the various stages of the entrepreneurial process.

Case study of electronic networking in an initial teacher education course

Electronic networking ('computer-mediated communication1), considered to be ‘unique domain for educational activity’ (Harasim, 1989:50) and ‘new educational paradigm’ (Mason & Kaye, 1989:23), has been widely used and researched in K-12 schooling, place-based undergraduate subjects and distance education courses. However, only a limited number of reports of usage with experienced teachers (professional development), beginning teachers (induction support) and trainee teachers (initial training) have been published. Hence, little is known about the ways in which this new medium might contribute to the acquisition and maintenance of professional knowledge in the field of teacher education. The purpose of this study was to document an application of electronic networking in an initial 'school-based1 teacher education course. Three factors which were considered to be important in the adoption of electronic networking were specifically addressed: (a) the potential of the medium to attract and maintain a representative and comprehensive audience', (b) the willingness of participants to use the medium for the notation of ideas about teaching; and, (c) the extent to which reflection on practice was evident in network messages. This study also identified and investigated other effects which emerged as participants attempted to negotiate personal relationships with new technology. A case study was selected to investigate audience, notation, reflection, and other effects, in a particular application. Data were collected using participant observation, software-generated statistics, printed documentation, university records, questionnaires, interviews and content analysis of messages. These data were used to describe and analyse network participation by trainee teachers, classroom teachers and university staff. The data revealed that an audience did exist on the electronic network but that this was not comprehensive. Teachers had difficulty accessing the network because of other school commitments, access to equipment and personal competence with microcomputers. These difficulties indicated that developing and maintaining the teacher audience may be a major problem with electronic networking in initial teacher education. This case study revealed that deeply held concerns about notation of ideas by trainee teachers and classroom teachers can be powerful reasons for limited network participation. For trainee teachers, recording ideas publicly presented special difficulties associated with written communication. They were concerned about writing for an audience; about what to write about and how to write it. The loss of visual and verbal cues which form part of face-to-face communication was also a problem leading to concerns about how messages would be received by others. However, the overwhelming concern of almost all trainee teachers about presenting their own ideas was Tear of criticism' from peers (in particular), and other participants on the network. Trainee teachers expressed concerns about the 'dangers' of putting their thoughts in writing, the scrutiny their messages might have received from others, and the public 'criticism' about what they wrote which might have appeared on the network. Knowing that messages were stored on the network, and could be retrieved at some later date, heightened anxiety about the vulnerability of written communication; what was written on one occasion may have to be defended at some later date when the views expressed initially were no longer held. Classroom teachers were also unsure about recording their own ideas in an electronic form. Like trainee teachers, they were concerned about the scrutiny their contributions might receive from other users, and the lack of visual and verbal cues which they had learnt to use in face-to-face communication. Notating ideas in text-based messages which were archived (by the software), and retrievable by others later, was also daunting to many teachers. Another major 'danger' for teachers was the possible repercussions of 'public comment' about curriculum policy and initiatives which they thought might get them into 'trouble' with their employer. Since very few messages were contributed to conferences, there was little evidence of reflection in network communication. In the main, the network was not used to share information and ideas about curriculum and teaching. Public examples of collaboration between participants were not evident, and the 'special knowledge' held by members in each distinct group of users was not elaborated and discussed. Messages were not used to request information or clarification about issues, to outline the processes by which decisions about teaching were reached, or to synthesis ideas from different sources. The potential of the medium to operationalise reflective practice was not realised. Among the effects observed, the use of an anonymous account to access the network, and the impact this had on participation (in one conference) was considered to be a particularly significant finding. While the opportunity to systematically investigate the effects of anonymity on network participation and message contributions was not realised (by the author) while the research was in progress, the effects observed and discussed are considered to be important and worthy of further investigation. In this case study, the anonymous account helped trainee teachers mask concerns about personal writing skills and fear of criticism from others, indicating that anonymity may alter communication patterns, particularly in the early stages of network use. Given the data collected in this case study, and the interpretations placed on it by the author, a pessimistic assessment of the place of electronic networking in initial teacher education courses was presented. For this situation to change - that is, for electronic discussions to become more fully integrated into course activities - four issues which need to be addressed were identified and discussed. These included clarification of the role of collaboration amongst participants in initial teacher education, the ways in which collaboration can be facilitated using electronic networking, the problems of notation - such as the difficulty of expressing ideas about teaching in written form, and the concerns about permanently archived messages - for teachers and trainee teachers, and the lack of skills which many trainee teachers bring to electronic discussions. In the context of initial teacher education, it was suggested that these four aspects require clarification and development before the potential advantages of electronic networking can be realised. Some specific suggestions about how these issues might be resolved were presented.