182 resultados para EQUITY

em Deakin Research Online - Australia


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This paper tests the hypothesis that the negative relationship between investment opportunity set (IOS) and debt is moderated by board monitoring and director equity ownership. According to contracting theory, firms with high growth opportunities (high IOS) are associated with lower levels of debt as a result of the asset substitution and the under-investment problem. However, our hypotheses test the conjecture that the negative debt / IOS relationship will be moderated by the proportion of non-executive directors (NEDs) on the board and director equity ownership. NEDs provide higher monitoring which reduces management discretion while director equity ownership provides incentives for managers to maximize the value of the firm. More specifically, we expect that high growth firms with a higher proportion of non-executive directors and director equity ownership are less likely to be associated with asset substitution and under investment. Thus, the negative investment opportunity set / debt relationship will be weaker for firms with higher levels of non-executive directors and high director equity ownership. Data collected from Australian companies support both these two hypotheses. Results have significant implications for corporate finance theory.

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This article undertakes a feminist critique of the restructuring of the modern university in Australia. It considers the interaction of the processes of globalisation, corporatisation (through the twin strategies of marketisation and managerialism) and the social relations of gender, and their implication for gender equity work in the academy. The paper locates the reform of Australian universities within their Western context, and considers the gendered effects of the new disciplinary technologies of quality assurance and online learning on the position of women academics. It concludes with some comments about the shift in language from equity to diversity which has accompanied corporatisation, and how this has effectively coopted women's intellectual labour to do the work of the entrepreneurial university.

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This paper reports some of the direct costs of raising equity capital by property trust initial public offerings (IPOs) in Australia from 1994 to 2004. It also documents the amount of underpricing by these IPOs. The results indicate the average fees paid to underwriters and/or stockbrokers in managing and marketing the issue was around 3.3% of the public equity capital raised. The average fees paid to legal firms, accounting firms and valuers for their professional involvement and expert reports were 0.4%, 0.2% and 0.1% respectively, totaling 0.7% of the equity raised. Other fees such as printing, listing fees, postage, distribution and advertising cost around 2.1%. The total average direct costs amounted to around 6.1% of the proceeds raised. The average underpricing by these property trust IPOs was 2.6%. This paper also investigates the hypotheses that the percentage direct capital raising costs are influenced by the size of the IPO and whether the IPO is underwritten. This study confirms that larger property trust equity capital raisings have lower percentage total direct cost;, however, it does not find that underwriting significantly influences the percentage of total direct costs for these property trust IPOs.

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This study uses data from the Victorian Public Sector Census 2004 to identify the extent of equity in pay and career progression (promotion). A system of three equations is developed to capture the endogeneity between human capital and promotion and the interdependence between promotion, pay and human capital. The results indicate that there are substantial differences in the average wages earned by public sector employees in different Equal Employment Opportunity (EEO) groups. While some of these differences arise from factors beyond the control of the public sector employers, others arise from bias in the public sector employment system and procedures. The earnings of individual employees in the public sector are determined in a systematic way by the wage structures in the different sub-sectors, the skill base of the employee on recruitment, sub-sector specific promotion rates, acquisition of formal and informal training and the apparent bias within recruitment and promotion systems in dealing with particular groups. The apparent bias of recruitment and promotion systems is complex in makeup and varies within EEO groups as well as between EEO groups. Most of the difference in pay across employees can be explained as an outcome of individual choice and labour market conditions external to the public sector. After adjusting for sectoral wage differences, skill base when recruited, sectoral promotion rate differences, experience in the public sector, whether individuals are employed on a full-time or part-time basis and individual training decisions, the statistical evidence is consistent with the finding that public sector recruitment and promotion systems tends to be biased, on average, against females and those from culturally diverse backgrounds. Achievements in formal education are important for salary progression. This is particularly the case for women. The main drivers of participation in formal education were employer support in both financial and non-financial terms. Promotion rates were important factors in explaining wage differences. Women tended to receive slightly fewer promotions than men, but women received, on average, greater rewards for each promotion.

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Teacher educators throughout the world are increasingly under pressure to develop educational programs and school-based relationships which respond simultaneously to the multiple consequences of changed and changing technologies, new understandings of identity (what it means to be a teacher and a student) and persistently uneven pattems of educational (and social) success. Responses to these challenges regularly draw upon computer and communication technologies (CCTs) in the sometimes optimistic belief that this will improve the chance of any educational reform having a positive impact on students at risk of educational alienation and failure. Unfortunately, the gap between the hopeful embrace of technology and the actual outcomes delivered by technologically mediated educational innovations is often quite considerable. This paper investigates the kinds of educational conversations that are necessary to allow us to move beyond these optimistic adoptions of technology to address long standing patterns of educational success and failure and outlines a framework for transformative work in this area.

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This paper reports on a large scale survey of the perceptions of university students to their use of an online learning environment. The aim of the survey was to gather data to inform online learning practices at the university. The results were explored, amongst other factors, for gender differences. Findings include no significant differences between the female and male students with respect to being able to use the online learning environment confidently and effectively. In general the female students were more willing to participate in online discussions though there was no difference between the female and male students as to whether they were willing to voice their opinions online. An unexpected result was the greater value placed by female students on using this environment for working with students of diverse backgrounds.

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A number of countries have adopted the International Financial Reporting Standards (IFRS) as a means of harmonising financial statements. .This paper examines the effect of the adoption of IFRS, relating to post employment benefits and its effects on debt/equity ratios. The adoption of the IFRS resulted in most companies reporting a substantial increase in liabilities, a
decrease in shareholders’ equity and a corresponding increase
in debt/equity ratios.

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This article reports on some of the direct costs of raising equity capital by closed-end fund licensed investment company (LIC) initial public offerings (IPOs) in Australia from 1995 to 2005. The amount of underpricing by these IPOs is also identified. The average total direct costs amounted to a relatively low 3.4% of the capital raised, while fees paid to underwriters and/or stockbrokers was around 2.3%, to legal firms around 0.25% and to accounting firms around 0.07%. The average underpricing by these LIC IPOs was 1.3%. This article also confirms that the percentage total direct capital raising costs are inversely related to the size of the IPO and underwritten closed-end fund IPOs tend to have higher percentage total capital raising costs than those not underwritten.

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Literature to date suggests contrary indicators of acceptance of the use of technology to support learning by females. With the increasing adoption of information technology to support teaching and learning, it is imperative that factors which may impede student learning are identified. The research reported here is of a large-scale survey of the perceptions of university students about eLearning and their use of the online learning environment. The aim of the survey was to gather data to inform about online learning practices at the University. The results were explored, amongst other factors, by gender. Findings include no significant differences between the female and male students with respect to being able to use the online learning environment confidently and effectively. In general the female students were more willing to participate in online discussions. However, there was no difference between the female and male students regarding their willingness to voice their opinions online. An unexpected result was the greater value placed by female students on using the online environment for communicating and collaborating with students of diverse background.

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There is increasing recognition that the nutrition transition sweeping the world’s cities is multifaceted. Urban food and nutrition systems are beginning to share similar features, including an increase in dietary diversity, a convergence toward “Western-style” diets rich in fat and refined carbohydrate and within-country bifurcation of food supplies and dietary conventions. Unequal access to the available dietary diversity, calories, and gastronomically satisfying eating experience leads to nutritional inequalities and diet-related health inequities in rich and poor cities alike. Understanding the determinants of inequalities in food security and nutritional quality is a precondition for developing preventive policy responses. Finding common solutions to under- and overnutrition is required, the first step of which is poverty eradication through creating livelihood strategies. In many cities, thousands of positions of paid employment could be created through the establishment of sustainable and self-sufficient local food systems, including urban agriculture and food processing initiatives, food distribution centers, healthy food market services, and urban planning that provides for multiple modes of transport to food outlets. Greater engagement with the food supply may dispel many of the food anxieties affluent consumers are experiencing.

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Globalisation and technological development have simultaneously pressured universities to provide students with flexible and innovative learning options. Among the ways universities address these issues are by internationalising their curriculum and investing in educational technology. These changes have affected pedagogical and andragogical approaches and outcomes. Learning styles potentially affect the strategic approach of academics when utilising innovative technological tools in their teaching, which converges with internationalisation of the curriculum and a diverse student body to accentuate the issues of equity and access. The literature in this field is explored in context with the authors’ diverse experiences to provide policy makers, academics and other education stakeholders with a new perspective.