Public finance and income redistribution in interwar Australia: towards a class analysis

In this paper I focus on a neglected aspect of Australian political history, the extent to which Australian governments actually redistributed income. The German sociologist Rudolf Goldscheid argued that 'the budget is the skeleton of the state stripped of all misleading ideologies'. In Australia a party that claimed to represent lower income earners, the Labor Party, was a major political force, but did Labor actually make a difference to the distribution of income across social classes, or did Labor's rhetoric of equity merely serve to incorporate workers into the capitalist system? A quantitative approach to the political history of labour may enable us to escape both nostalgia for old labourism (which the Howard years have encouraged) and a simple and undifferentiated rejection of labourism as a reformist agent of social integration.

This paper incorporates some material from a 2005 paper that examined overall expenditure patterns and taxation patterns across the states and Commonwealth from 1910 to 1940 but it goes beyond the aggregate approach of this paper to consider the extent which the varying patterns of taxation and public expenditure across Australia impacted on different social classes during the 1930s. It is very much a preliminary analysis based on existing compilations of taxation statistics. It is a static analysis and does not consider if nominally redistributive taxation and expenditure patterns might be rendered ineffective by consequent interstate migration.

Discovery of the Early Ordovician strata in Xianza County, Tibet and its significance

There is no any sediments contain fossils which formed earlier than Middle Ordovician in northern Tibet yet. It is very important whether have developed the Cambrian to Early Ordovician sedimentary strata. During geological mapping of Xainza County in 2000, Tetragraptus approximatus, the typical one of graptolite belts which cosmepolitically distributed in the Arenigian of Early Ordovician, was collected from the so-call Pre-Sinian Nianqingtanggula Group. So there is developped the Early Ordovician sediments and we have established Zakang Formation and Taduo Formation which perfected the Plaeozoic sequences in northern Tibet. According to these, we can realize tectonic control, palaeogeographrc pattern as well as palaeobiogeographic distribution of the Qinghai-Tibet Plateau in the early Paleozoic and also provided the materials to the cosmepolitical biostratigraphic contrast.

Entrepreneurship, e-finance and mobile banking

This paper focuses on the role of entrepreneurship and e-finance in determining a person's intention to adopt mobile banking. The approach utilised in this paper is to develop a conceptual framework that includes a number of propositions that are developed and justified by the literature. The main findings of this paper are that people's entrepreneurial inclination and learning tendency will determine how they respond to marketing and knowledge about mobile banking. The practical implications are that financial institutions involved in e-finance can focus their marketing efforts at increasing people's exposure to mobile banking.

Towards a socioanalysis of money, finance and capitalism : beneath the surface of the finance industry

Book launch speech 28 March 2012, Melbourne

Audit committee characteristics, internal auditors' contribution to financial statement audits and audit fees : Malaysian evidence

This paper provides empirical evidence on the impact of audit committee characteristics on the extent of internal auditor’s contribution to financial statement audits in an emerging economy. Using a cross-sectional regression model, based on Felix, Gramling and Maletta’s (2001) study, it provides evidence of a positive relationship between internal auditor contribution to financial statement audits and three dimensions of audit committee characteristics: the proportion of independent audit committee members; the extent of audit committee members’ knowledge and experience in auditing, accounting, and finance; and the extent of audit committee review of IA proposal related to program, budget and coordination. A second model examines a relationship between internal audit contribution to financial statement audits and audit fees. However, the results did not yield a significant relationship between the two variables. These results are based on a unique data set comprised of publicly available data matched with survey data from chief internal auditors or financial controllers of 90 firms listed on the Kuala Lumpur Stock Exchange (KLSE).

Citation patterns within the leading top-tier finance journals implications for journal rankings and other issues

This paper examines all citations and self-citations to a list of 95 finance journals appearing in the Journal of Finance, Journal of Financial Economics and Review of Financial Studies from 1995 through 2005. Additionally, the publication profile of 100 prolific authors in top-tier finance journals is tabulated for these 95 journals. Citations to non-finance journals in economics and accounting are also tabulated for comparison with their finance counterpart along with working papers. Six ranking schemes are constructed with each scheme identifying the top fifty finance journals. Citations to finance journals are highly concentrated within ten journals and similarly for self-citations. Authors of papers appearing in top-tier finance journals pay scant attention to the bulk of research published in other finance journals. Furthermore, these authors cite other economic journals with greater frequency than their counterpart in finance. Of the top fifty finance journals identified in this paper, only 21 are listed in Social Sciences Citation Index (SSCI), and this compares to approximately 500 listed economic journals. Some glaring omissions from SSCI are identified, but most notably the Journal of Applied Corporate Finance, Journal of Financial Research, Journal of Empirical Finance and Journal of Fixed Income. An analysis of 2006 citations patterns is also presented. The top-tier mantra assigned to finance journals has a void with the decision by the Journal of Business to cease publication with the November 2006 issue. This paper identifies five finance journals anyone of which could potentially fill the void.

Corporate governance and corporate finance practices in a Kuwait Stock Exchange market listed firm: a survey to confront theory with practice

Purpose– This paper aims to explore the issue of corporate governance mechanisms by including the importance of stakeholders, primary objectives of the firm and the ownership of top financial managers of listed firms in Kuwait in the survey tool. It attempts to investigate whether theory aligns with the behaviour of financial managers in practice in an emerging market case.Design/methodology/approach– A survey was developed to focus primarily on the current corporate finance practices implemented by CFOs in listed companies in Kuwait. The target respondents are listed firms in the Kuwaiti Stock Exchange (KSE). The survey includes questions on topics that are closely related to capital budgeting, capital structure, cost of capital and dividend policy. For example, the survey asks the managers how they estimate their cost of equity (CAPM or other methods) and whether the impact of the weighted average cost of equity is taken into consideration in their capital structure choices.Findings– A surprising number of firms are now widely using IRR for decision making. CAPM is also in use, whereas WACC remains the most popular method used. There is some support for the “bird‐in‐hand” dividend theory in the tax‐free environment. Firms in Kuwait do not have any particular source of capital structure choices when it comes to how best to finance their projects as is the case in the US market. Firms in Kuwait are consciously striving for maximizing profits and those managers are regarded as their most important stakeholders. This may indicate the existence of agency problems.Research limitations/implications– The limitation of this study lies in the absence of empirical investigation on how corporate finance decisions may affect firms' performance in Kuwait. Hence, empirical validation will be performed by the authors in the next stage of this research, which will form the basis for further research. Empirical validation for the impact of corporate governance on performance is needed.Practical implications– This research may benefit managers and decision makers in many aspects, including having an understanding of applying popular and the most suitable corporate finance and corporate governance techniques in the management of their companies. In this research, the authors have identified the gap between practice and academia.Originality/value– To the best of the authors' knowledge, this is the first study to examine comprehensively major areas of financial policies and practices and corporate governance in an emerging market case, especially in the Middle East. Kuwait provides a unique institutional setting in its taxation system. Therefore, this study will make a contribution to the general literature in this field.

Accountants and valuations in Australian family court proceedings

This paper investigates issues related to the role of accountants in presenting expert evidence in the form of share valuations in Family Court of Australia proceedings. By providing a background to the valuation rules applied by the Family Court and examining relevant cases, the paper emphasises that considerable ambiguity exists. The paper highlights some of the inconsistencies that are evident from reported decisions and stresses the difficulties that judges have experienced with valuations presented by accountants in Family Court cases. It is evident that the courts, despite the legal precedents, continue to have considerable difficulty with valuation issues and methodologies. By exploring issues related to accounting based valuations in the context of Australian family law cases, the present paper examines accounting in a particular social and institutional setting. The paper is interdisciplinary in nature, in that issues extending over accounting, finance and legal boundaries are considered.

Community reintegration of ex-prisoners : type and degree of change in variables influencing successful reintegration

Community reintegration of ex-prisoners is an important issue in efforts to reduce recidivism. The present study examined the multiple, complex, and dynamic nature of variables influencing successful reintegration by assessing the type and degree of change in reintegration variables over time. Participants were 79 adult prisoners (54 male, 25 female) who completed a prerelease questionnaire 1 month before their release, which focused on prison-related variables, participant background, and anticipated conditions upon release. A postrelease questionnaire was administered to the same participants at 1-4 weeks and 3-4 months postrelease, focusing on the quality of life conditions experienced following release. Results indicate that current health ratings and several indicators of drug use were significantly different over the three measurement phases. Ratings of employment and housing stability, finance, and social support were unchanged over the postrelease period. Theoretical implications of the present investigation for reintegration theory are discussed, together with practical applications.

Dynamic due diligence : an entrepreneurial business planning method for evaluating mergers and acquisitions: theory, case application and general implications

This paper presents a method for conducting dynamic due diligence to evaluate Mergers and Acquisitions; demonstrates its effectiveness in a particular case; and extrapolates its theoretical and practical implications to the general case. It may be called the ‘ECIPP’ method - an acronym for: Establishing mandates; Creating projections; Identifying issues; Prioritizing procedures and Performing them.

Two established alternative due diligence methods are examined. The prevailing finance-theory-based procedure has the virtues of simplicity and elegance; the vice is abstraction. The prevailing practitioner-based regime has the virtues of thoroughness and concreteness but the vices of rigidity and inefficiency. Resolving the tradeoffs inherent in both static prescriptions provides an opportunity for a dynamic, innovative approach derived from grounded theory and an application of Hindle’s (1993) theory of venture renaissance through application of an enhanced paradigm of Entrepreneurial Business Planning. The ECIPP method retains simplicity, concreteness and thoroughness but eliminates abstraction, rigidity and inefficiency.

This is demonstrated in a case. ChildCo’s CEO had only one month to complete his M&A evaluation; no expertise or previous experience; severely limited budget for the exercise and had been flatly informed by prevailing M&A experts that what he wanted could not be done. Using the ECIPP method, the CEO and the author did it: on time, within budget and to the satisfaction of a previously skeptical board of one of the world’s largest multi-national companies including arguably the world’s most professional corporate M&A division.

The replicability logic of the case research permits two generalisations. (1) ECIPP extends the range and utility of Entrepreneurial Business Planning as a management technology, well beyond the constraints to which it is usually confined. (2) The ECIPP method of dynamic due diligence is an innovation worthy of mature consideration and further investigation by theorists and practitioners in the M&A field, in the disciplines of both Finance and Entrepreneurship and, well beyond, in the realms of general management theory, methodology and practice.

Research and diabetes nursing. Part 2 : process of critical review

This article is the second in a six-part series addressing research and the DSN. Crirical review is a key aspect of research and evidencebased care and, therefore, of clinical and professional practice. Critical review is an analytical and reflective process that involves judging the quality of research publicarions and their relevance to practice. This article oudines key aspects of how to review publications and conference presentations, how critical review applies to clinical care, and how this process om help develop writing and critical thinking skills. Also addressed are the general aspects of critical review, and a list of further reading and useful websites is provided. Specific considerations for particular research methods such as quantitative, qualitative, evaluation studies and audits will be addressed in later articles in the series.

Process and impact evaluation of the romp & chomp obesity prevention intervention in early childhood settings : lessons learned from implementation in preschools and long day care settings

Background: The Romp & Chomp controlled trial, which aimed to prevent obesity in preschool Australian children, was recently found to reduce the prevalence of childhood overweight and obesity and improve children’s dietary patterns. The intervention focused on capacity building and policy implementation within various early childhood settings. This paper reports on the process and impact evaluation of this trial and the lessons learned from this complex community intervention.
Methods: Process data was collected throughout and audits capturing nutrition and physical activity-related environments and practices were completed postintervention by directors of Long Day Care (LDC) centers (n = 10) and preschools (n = 41) in intervention and comparison (n = 161 LDC and n = 347 preschool) groups.
Results: The environmental audits demonstrated positive impacts in both settings on policy, nutrition, physical activity opportunities, and staff capacity and practices, although results varied across settings and were more substantial in the preschool settings. Important lessons were learned in relation to implementation of such community-based interventions, including the significant barriers to implementing health-promotion interventions in early childhood settings, lack of engagement of for-profit LDC centers in the evaluation, and an inability to attribute direct intervention impacts when the intervention components were delivered as part of a health-promotion package integrated with other programs.
Conclusions: These results provide confidence that obesity prevention interventions in children’s settings can be effective; however, significant efforts must be directed toward developing context-specific strategies that invest in policies, capacity building, staff support, and parent engagement. Recognition by funders and reviewers of the difficulties involved in implementing and evaluating such complex interventions is also critical to strengthening the evidence base on the effectiveness of such public health approaches to obesity prevention.

Nature, extent and antecedents of risk management in accounting, law and biotechnology firms in Australia

This paper provides empirical evidence on the nature and the extent of risks faced by small and medium-sized biotechnology and professional service firms (accounting and law) in Australia, as well as on the style of their adopted risk management methods and approaches. The findings of the study indicate that the top three risks faced by these firms are related to reputation, recruiting and retaining skilled staff, and cost management. The study also finds that more than half of the respondent firms manage risk in an integrated manner. The results of this study provide useful insights into the nature, extent and driving forces of risk management practices in these firms.