Anglo-based governance-rules versus flexibility : A continual debate

There has never been a better time for an insightful look at international corporate governance. This rather timely, up-to-date and authorative is based on the latest regional and international research, with contributions coming from a hand-picked team of experts. This exciting edited text explores and analyses the issues, trends and challenges for corporate governance in the future as well as today.  

Reconsidering institutional cosmopolitanism : global poverty and the importance of the state in international political theory

Cosmopolitan scholarship has been at the forefront of efforts to consider political structures capable of realising justice in a more robust manner than prevailing global governance arrangements. In particular, the arguments of Thomas Pogge have contributed significantly to scholarly thinking about global poverty and his scheme of 'institutional cosmopolitanism' aspires to institutionalise human rights in the structures of global governance. This essay critiques the capacity of Pogge's cosmopolitan approach to productively guide political action in relation to global poverty by questioning whether global institutions generated by human rights are sufficient to address global poverty. The argument in this essay is that a viable guide to political action which alleviates global poverty must also take account of the potential utility of the state. This essays draws upon republican ideas to contend that cosmopolitanism needs to encompass a robust account of local institutions such as the state.

Pedagogy and institutional values : the social capital that underpins socially constructive pedagogy and the common good

The analysis of Syed Hussein Alatas, provides us with a basic framework from which to engage the way creativity and change can be articulated in education without slipping into a neo-colonial mindset. The core binary that Alatas presents us is between the ‘captive’ mind and the ‘creative’ mind. Contemporary Malaysian educational literature recognises that the demands of the knowledge economy and globalization necessitate engaging with socially constructivist pedagogy as a way of addressing the limitations and narrowness of what are referred to as traditional authoritarian ‘top down’ teaching methods. However this retheorization of pedagogical practice needs to be approached in a fashion that recognises and respects local values and culture. The social values and capital that inform pedagogy both in its formal level as officially sanctioned techniques but also in its informal level as the implicit practices that characterise human interaction on campus require a much closer look at the relationship between pedagogy, social structure and social values. The clear yet very deep insight of Syed Hussein Alatas, on the importance of the creative mind as an alternative to captivity provides us with a Malaysian theorization that is both local but also global and relevant to how we understand reform and education in the higher education sector.

Order aggressiveness of institutional and individual investors

This paper investigates the determinants of the order aggressiveness of institutional and individual investors on the Australian Stock Exchange. Utilizing a proprietary data set that identifies institutional and individual order submissions, we document that the institutional and individual investors become more aggressive when the same-side (opposite-side) market depth increases (decreases). When the spread widens, both individual and institutional investors tend to become less aggressive. Institutional investors are more aggressive in the opening hour of the trading day, while individual investors are less aggressive initially and increase their order aggressiveness during the rest of the trading day.

On institutional ownership and firm performance : a disaggregated view

We study the relationship between institutional ownership and firm performance in Finland. A systems approach is employed to investigate the potential two-way causality between firm performance and ownership structure. Three-stage least squares estimation technique is used to solve for the systems. The evidence suggests an endogeneity problem between firm performance and institutional ownership. However, the magnitude of the problem differs with respect to the concentration of ownership measure used. Our results show that a more equal distribution of the voting power among the largest institutional stakeholder may exert positive effects on firm performance. We also find a significant difference relating to firm performances and equity ownerships between the two classes of institutional investor. Consistent with the ownership structure in Finland, we find that a simple ownership concentration index does not influence firm performance.

Reforming Australian public sector accounting : an episode of institutional thinking

In recent years in Australia, accounting reforms have been developed which have resulted in the application of commercial systems of accounting to diverse public sector organisations. The reforms, which include the requirement to recognise infrastructure and heritage resources as assets in financial reports, endorse financial notions of accountability and performance that have been traditionally applied within private sector, profit-seeking organisations. Such notions are applied to a range of public sector organisations for the first time, even though the primary missions or objectives of many of these organisations are social, rather than financial in orientation. This critical, interpretative case study, set within the context of not-for-profit public museums, seeks to enhance an understanding of public sector accounting change based on these unique social organisations. The study examines three aspects of the reforms, namely, their development, their promotion and their defence. This examination is undertaken using the ideas contained in Mary Douglas’ (1986) How Institutions Think as the key theoretical construct. The supplementary perspectives of problematisation and epistemic communities are used to assist in applying the primary theoretical construct by explaining how, and by whom, these reforms were advocated and implemented in this specific instance. The study shows how the interpretation and application of the statements comprising the conceptual framework have shaped the development, promotion and defence of detailed standards developed for specific public sector organisations. In doing so, the study addresses two key research questions: (1) How were financial notions of accountability and performance of Australian public sector organisations constructed during the period 1976-2001 and articulated in the CF, once its development began, within this reform period? (2) How were these notions and other concepts of financial reporting outlined in the CF interpreted and applied in the (i) development; (ii) promotion; and (iii) defence of detailed accounting standards for not-for-profit public museums in Australia during the period under investigation? The study demonstrates that the concepts of financial reporting outlined in the conceptual framework were used by a relatively small group of technical experts located in influential positions in accounting regulation and in other fields to justify the application of accrual accounting within diverse public sector organisations. During the period examined, only certain questions were posed and certain issues considered and many problems associated with the implementation of the reforms were not considered. Accordingly, a key finding of the study is that each aspect of the reform period was guided and constrained by institutional thinking. In addition, the study shows how the framework's content can be used to permit equally well-argued, but conflicting, accounting policies to be adopted and defended for the same items, indicating the framework to be of only limited value as a technical tool. This leads to another key finding of the study, namely, that the framework is best understood as a political tool, serving a crucial role in enabling accrual accounting reforms to be developed, promoted and defended within the public sector. Thus, the study seeks to offer an enhanced understanding of the nature and determinants of accounting change, and accordingly, it broadens an understanding of the use of the conceptual framework, as an institution, in developing, promoting and defending changes to accounting practice.

Critical analysis of action research-based inservice teacher education : four case histories

Changing the nature of institutionalised education is the central theme of the thesis. The potential for radical changes to classroom teaching and to inservice teacher education is considered through four curriculum and teaching reform projects structured by action -research. The problems explored through the thesis are at the levels of teaching, institutional and research practices. It is argued that the professional activity of teachers, administrators, consultants, teacher educators and researchers can be understood to be tightly bound and determined by rules for acceptable professional ways of acting which are often unquestioned and unexamined by educators themselves. It is further argued that institutionalised education is dominated by ways of thinking and acting that are inherently individualistic. The thesis analyses the ideological character of this 'individualistic1 structuring of educational practice, identifying belief systems that hold the lived reality of educators and students in place. The thesis endeavours to show that the bureaucratic character of institutionalised education primarily serves and maintains the interests of dominant groups. The thesis examines the possibilities for radical reform in classroom teaching, the support teachers need when embarking on curriculum and teaching change processes, and the possible outcomes of such reform. The thesis also examines the interaction between the institutional practices of schools, universities and regional offices in the Ministry of Education in Victoria, Australia on these reform processes in classrooms. Finally, the thesis examines the potential of action research as a research and educative process in the professional development of educators who are both critically aware of the ideological nature of institutionalised education and committed to collective social action. From the analyses of the four action research projects the thesis concludes that action research has the potential to transform institutionalised education when its own practice is firstly, developed as a liberating pedagogy and not as research projects structured by individualistic and paternalistic interests; secondly, is driven by a commitment to the political struggle for equity and social justice; and thirdly, is itself an expression of communitarian work. The thesis concludes that the transformative processes associated with action research under these conditions hold the promise of democratising the 'individualistic' character of institutional education.

Chaos rules : an exploration of the work of instructional designers in distance education

This thesis provides an examination of the work of instructional designers in distance education, through the conceptual lens of chaos theory. Chaos theory was chosen as an analytical tool because of its ability to reveal the patterns and processes of complex systems as they move between order and turbulence. Recent work in the social sciences, specifically literary theory, has provided impetus for applications of chaos theory to educational settings. Specifically, chaos theory is used to analyse eight case studies of projects volunteered by instructional designers working in five institutions in Hong Kong and Australia. Data were gathered over a period of months with each participant, chiefly through interviews, but also involving diary accounts, electronic mail and letters. The methodology was thus qualitative, specifically informed by Eisner's vision of the ‘critical connoisseur’. Eisner equates an ‘enlightened eye’ with attainment of the skills of a critical connoisseur. First, an effective qualitative researcher must develop connoisseurship, the art of appreciation. On its own, though, connoisseurship is not enough; it is a private act, and thus needs a public face or presence. Criticism is this link, criticism being the art of disclosure. The critical connoisseur aims to help others to increase perception and deepen understanding of an educational situation or event. In addition to the empirical work, a parallel strand of this thesis investigates the theory and reported practice of instructional design. A brief history of instructional design is presented, along with discussion of acknowledged deficiencies of current theory and approaches. Recent reported investigations of both theory and practice are analysed from the viewpoint of chaos theory. Examination of key contributions in the literature of instructional design and distance education reveals considerable resonance between these contributions and the fundamental properties of chaotic systems. Links are made, in both the theoretical and empirical strands, between instructional design and the behaviour of dissipative structures, attractors and the process of bifurcation. Use is also made of the time-dependent nature of chaos theory as a theory of becoming, rather than one of being. The thesis comprises eight chapters, two appendices and a references section. The introductory chapter explains the research problem, and outlines the structure of the thesis. Methodological considerations are left until after an assessment of instructional design literature and (reported) practice. This deliberately theoretical investigation (Chapters 2 and 3) comprises the first of the parallel strands that are presented. The basic conclusions are that instructional design theory has not been particularly helpful to or used by instructional designers, and that chaos theory might provide an alternative way of viewing instructional design practice. The other parallel strand is the empirical work, which for four chapters outlines the methodology and my findings concerning the role of instructional designers in distance education. The methodology is detailed in Chapter 4. Chapter 5 establishes the contexts of the participants, by examining their backgrounds and introductions to their roles. It also investigates their views on their role and status within their institutions and with working colleagues. Chapter 6 is an exploration of the major issues that influenced the work of the instructional designers. These are the issues that arose naturally in the interviews as the participants outlined the development and interactions that took place on a day to day basis. Time emerges as a key influence in their work, and its effects on the projects are outlined and analysed. The ways that instructional designers give advice to those with whom they work is also investigated. The next chapter continues consideration of their work, but this time as they reflect on their role and its demands. This includes their reactions to the various metaphors that have appeared in the literature, along with those that they introduced into our discussions. The links that are established between the two parallel strands are drawn more explicitly in the final chapter, Chapter 8, which is a notion of what a model of instructional design based on my conclusions might resemble. It summarises the evidence that it is not necessarily by striving for order—in fact quite the opposite — during key periods of course development, that leads to creative outcomes. The introduction of uncertainty and turbulence does, in some cases and under some conditions, move the system to a higher level. The image that is offered from chaos theory is that of time-bound dissipative structures, interacting with their open environment at far-from-equilibrium conditions, and transforming themselves from disorder to order through bifurcation. The role of strange or chaotic attractors is highlighted in the process. The first appendix gives background information in terms of the methodology. The second is the heart of the data upon which the thesis draws. That is, the second appendix outlines the case studies of the participants. Most are short summaries, but the final one is a detailed study, tracing the progress of the design and development of a subject in distance education.

Factors affecting the career progress of academic accountants in Australia : cross-institutional and gender perspectives

Since the late 1980s, Australian highereducation has undergone significant reforms andpolicy changes based on economic rationalismand modernisation of management. This paperexamines the outcomes of the reform processesbased on the career attributes, status andperceptions of work environment of academicaccountants in Australian universities.Similarities and differences between academicaccountants are explored fromcross-institutional and gender perspectives.The data provide insight into a number ofsystemic inequalities between the older andmore established universities and the neweruniversities. In specific, across-institutional analysis based on fouruniversity types: Sandstones/Redbricks,Gumtrees, Unitechs and New (Marginson 1999)indicates that academic accountants in Newuniversities employ a much lower proportion ofstaff with PhD qualification, a weakerpublication profile, and perceive greaterbarriers for conducting research in terms of ashortage of research mentors, colleagues withresearch experience, and post-graduatestudents. Further, the commitment to flexiblelearning and delivery strategies iscomparatively stronger in Unitechs, and posesadditional demands on accounting academics'overall workload. Perceptions of gender-baseddiscrimination by female academic accountantsare generally stronger than their malecounterparts, particularly, in Newuniversities. These results raise severalissues for academic accountants at both theinstitutional and individual level in terms ofequal employment opportunities, management ofresearch programmes, development of teachingstrategies and individual time management.

Update of the UNCITRAL arbitration rules revision

The UNCITRAL Rules Revision process began in September 2006 - the first revision in 30 years. The revision process has been a complicated and difficult one. It is a process that cannot be rushed as one might reasonably expect the new edition of the UNCITRAL Rules needs to serve another 30 years. This article provides an insight into the conduct of the 50th session of Working Group II, the Working Group within UNCITRAL that has been charged with preparing draft rules for the Commission to consider and approve. It was a very interesting session in which a number of significant and controversial issues were considered. Our report focuses on three specific issues - the treatment of set-off; witnesses; and interim measures.