A conformity test of corporate financial disclosures in Asian and Middle East countries

This paper investigates the financial disclosure practices of corporate annual reports published in Asian countries including Bangladesh, Indonesian, Malaysia and the Middle East countries including Bahrain, Iran, Jordan, Kuwait, Oman, Pakistan, Qatar, Saudi Arabia and Turkey. The purpose of the study is to measure the financial disclosure diversity in these countries, with a view to developing a classification of their similarities and differences in respect to their compliance with International Accounting Standards (IASs). Annual reports of 132 public companies listed on the relevant countries stock exchanges are the central data source, supplemented with other reliable information about financial disclosure practices in each country. A disclosure checklist adopted from all IASs and summarised in 306 individual items of financial disclosures is used as a means of extending an understanding of financial reporting literature. Additionally, it provides an indication of voluntary progress towards harmonisation of international accounting practices in several Asian and Middle Eastern countries. Results show the degree of conformity with IASs from less to high conformity is: Saudi Arabia, Qatar, Bangladesh, Iran, Bahrain, Jordan, Pakistan, Oman, Turkey, Malaysia, Kuwait and Indonesia.

From product centricism to systems-wide education design: making corporate technology systems work for the learning organisation

Deakin University has established a major integrated corporate technology infrastructure in the last two years to enhance and bring together its distance education and on-campus education. This environment has been called Deakin Online. With Deakin Online rapidly developing, efforts are beginning to focus more fundamentally on how the potentials of the environment can be realised to create enduring teaching and learning value. This search must be understood in the context of the University’s commitment to the values of relevance, responsiveness and innovation. The question is: how can these values be realised in the digitally-based evolving educational enterprise using the new corporate technologies and new concepts of organisational structure and function? We argue for the transforming role of the academic teacher and new forms of open academic collegiality as being critical to realise strategic and enduring educational value. Moreover, change in role and process needs to be grounded in more systemic organisation and program-wide approaches to designing and working within the new contemporary learning environments. We believe the shift from the dangers of product centricism to system-wide education design modelling situating e-learning within broader curricular and pedagogical concerns represents the best strategy to create enduring educational benefits for all stakeholder groups (notably academic teachers and their learners) while preserving teachers’ sense of agency in the changing learning environments of higher education.

Are we speaking the same language? Corporate perceptions of human rights responsibilities

Over the last several years, notions of corporate social responsibility and corporate responsibility for human rights have developed on several fronts, including under international human rights law, through voluntary initiatives and in the discourse and the reporting of the corporations themselves. But are all protagonists on all these fronts speaking the same language? Are these developments truly improving the realisation of human rights?
As one aspect of its three year Australian Research Council project examining the legal human rights responsibilities of multinational corporations, the Castan Centre for Human Rights Law set out to discover the perceptions that multinational corporations have of their own human rights responsibilities, the types of activities undertaken by corporations to fulfill those responsibilities and the appropriate extent, if any, of the imposition of legally binding human rights obligations on corporations.
While not setting out the formal findings of that empirical study, this paper reports on some interesting discoveries as to how corporations see their place in the human rights debate. It notes a divergence among corporations' views of the nature of human rights responsibility - whether an obligation or a benevolence - as well as its content. In considering whether corporations ought to have legally binding human rights obligations, a surprising number of corporations replied in the affirmative, citing reasons such as certainty in dealing with suppliers and instituting a level playing field against rogue operators.
However,  perhaps the most important finding is the different understandings of human rights as they relate to a corporation's operations. Agreement on potential reforms would be meaningless if they were not employed towards a commonly understood end. After examining the various responses of the corporations and the evidence they cited to support their contentions, the paper concludes that the various protagonists of human rights responsibility for corporations may be using the same words, but they are not yet speaking the same language.

Corporate governance developments in commonwealth countries

Corporate failures, fraud and rising salaries have directed attention towards the corporate governance mechanisms of companies. A review of governance developments in selected Commonwealth countries is undertaken in order to inform the governance debate and provide an opportunity to discuss governance relating to some countries which may not receive much attention in the debate. The countries covered in this review are the United Kingdom, South Africa, India and Australia. Brief coverage of the respective countries' progressions in the corporate governance debate is provided.

Corporate governance failure and its impact on National Australia Bank's performance

The National Australia Bank (NAB) is the largest financial services institution listed on the Australian stock exchange and is within the 30 most profitable financial services organisation in the world. In January 2004, the bank disclosed to the public that it had identified losses relating to unauthorised trading in foreign currency options amounting to AUD360 million. Thisforeign exchange debacle was classified as operational risk, the risk of loss resulting from inadequate or failed processes, people, or systems and reiterated the importance of corporate governance for banks. Concurrent issues of National Australia Bank's AUD4.1 billion loss on US HomeSide loans in 2001, the degree of strength of their risk management practices and lack of auditor independence, were raised by the US Securities and Exchange Commission in 2004, reinforcing the view that corporate governance had not been given the priority it deserved over a number of years. This paper will assess and critically analyse the impact of corporate governance failure by management and Board of Directors on NAB's performance over the years 2001-2005.

Financial fraud and the use of ratios in corporate collapse prediction models

This paper highlights the prevalence and extent of financial fraud amongst collapsed corporations. In doing so, it examines the recent spectacular corporate collapses of Parmalat in Europe, Enron and WoridCom in the USA and HIH in Australia. A new methodology that provides empirical evidence to the financial fraud claims found in the literature, is then put forward. The proposed methodology argues that if financial fraud was a possibility amongst collapsed corporations, then two premises ought to be observed in the literature on ratio based multivariate modelling for predicting corporate collapse. First, in the absence of financial fraud, we expect the models to consistently predict corporate collapse with a high degree of accuracy; particularly, as one approaches the incident of collapse. Second, if financial fraud takes place and statement figures are distorted, then we expect the financial ratios, which are the predictor variables in these models, to lose relevance and therefore their use in models will be short-lived. Empirical support from Hossari and Rahman (2004) and Hossari and Rahman (2005) is presented as evidence to the two premises.

Corporate social responsibility of small businesses: a developing country perspective

Corporate social responsibility (CSR) has emerged as an important concept for developing countries in recent years. This paper investigates the issues of CSR relating to small businesses that have emerged as a result of market-based reforms in developing countries, where the compliance of voluntary standards, code of conduct and regulations are limited. The paper argues that prevalence of corruption, lack of rule based governance, resource constraints for effective capacity building on the part of the state and lack of awareness have created a weak and unethical corporate culture leading to low levels of CSR in developing countries. Using Bangladesh agriculture sector as an exemplar, this paper investigates how small businesses trading in agricultural inputs with no brand capital and low public visibility are behaving in a socially irresponsible way, in an environment of inadequate regulatory sanctions and compliance by selling contaminated inputs to farmers who are mostly poor and not even aware of their rights. The low levels of CSR is undermining and also threatening the sustainability of the positive impact of the market-based reforms undertaken in this sector. The paper proposes that integrated governance linking state, private sector and civil society can promote good governance and better CSR relating to small businesses .

A comparative study of the contents of corporate codes of ethics in Australia, Canada and Sweden

This paper reports on and analyzes the contents of 197 corporate codes of ethics (78 Australian, 80 Canadian and 39 Swedish). Among other things, it was found that the contents of the Australian and Canadian codes were similar, reflecting the similar histories and cultures (as measured by Hofstede's dimensions) of these two countries. Further, the contents of the Swedish codes were found to be very different from the Australian and Canadian codes in some areas, reflecting the cultural differences between Sweden and the other two countries.

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.

German corporate governance in international and European context

The main aim with this book is to provide English speaking readers with a comprehensive overview of the German corporate governance model. The authors introduce the reader to the unique features of the German Business and Enterprise Law. The book deals with the most important company organs, namely the General Meeting, the Management Board and the Supervisory Board. The unique interplay among these organs are also covered and the reader is introduced to the particular dynamics of the German two-tier board structure.Further the authors deal with the dominant role of the "German banks" and new players in the German financial markets, focusing particularly on voting rights of these institutions at companies' general meetings and appointing members to companies' supervisory boards. Accounting is shown as the documentary proof of good corporate governance. The final chapter gives an overview of corporate governance in the European Union, the OECD Principles of Corporate Governance and corporate governance in the US, the UK and Australia.