Disproportional ownership structure and pay–performance relationship: evidence from China’s listed firms

This paper examines the impact of ownership structure on executive compensation in China's listed firms. We find that the cash flow rights of ultimate controlling shareholders have a positive effect on the pay–performance relationship, while a divergence between control rights and cash flow rights has a significantly negative effect on the pay–performance relationship. We divide our sample based on ultimate controlling shareholders' type into state owned enterprises (SOE), state assets management bureaus (SAMB), and privately controlled firms. We find that in SOE controlled firms cash flow rights have a significant impact on accounting based pay–performance relationship. In privately controlled firms, cash flow rights affect the market based pay–performance relationship. In SAMB controlled firms, CEO pay bears no relationship with either accounting or market based performance. The evidence suggests that CEO pay is inefficient in firms where the state is the controlling shareholder because it is insensitive to market based performance but consistent with the efforts of controlling shareholders to maximize their private benefit.

Judicial and Legislative Considerations in the Taxation of Compensation Receipts: An International Comparison

In 1995 the Federal Commissioner of Taxation released Taxation Ruling TR 95/35 - an attempt to comprehensively address the appropriate capital gains tax treatment of a receipt of compensation awarded either by the courts or via a settlement - still a lack of consensus regarding the appropriate treatment of such awards - a private binding ruling presently the only way a taxpayer can determine their liability with any certainty - the Australian position compared to that of the United Kingdom and Canada.

The tri-dimensional role of information security in E-business : a managerial perspective

The effective management of information and its associated infrastructure is critical in electronic business. Failure to exercise due diligence in information assurance and security may lead to lost revenue or business opportunities, brand and reputation erosion, adverse media publicity, scrutiny from consumer advocates and even lawsuits. Traditionally, information security was approached in terms of goals. Yet, the goalsoriented approach may be a flawed one. In this paper, we adopt a conceptual analytical approach and propose a tri-dimensional understanding of information security in electronic business. Our approach can help managers better understand and communicate the information security’s role in e-business and the inter-dependencies between business and legal requirements, for devising the goals, objectives and policies relevant to their organization.

Active temperature compensation for an accelerometer based angle measuring device

An angle measuring device using a high performance and very compact accelerometer provides a new and exciting method for producing highly compact and accurate angle measuring devices. Accelerometers are micro-machined and are able to measure acceleration to a very high accuracy. By using gravity as a reference these compact devices can also be used for measuring angles of rotation. The inherent problem with these devices is that their response characteristic changes with temperature which is detrimental to measurement accuracy. This paper describes an effective method to overcome this problem using a temperature sensor and intelligent software to compensate for this drift characteristic. In order to demonstrate the effectiveness of this work, experiments have been developed and conducted with the results and analysis provided at the end
of this paper for discussion.

International business : a managerial perspective

Provides students with the knowledge, insight and tools to function effectively as managers in this global business environment. Designed specifically for students in Australia and the Asia-Pacific region, this text contains many relevant local examples and applications.

Effects of differential methods of compensation and employee empowerment on customer satisfaction and loyalty in service recovery

This research examined the effects of varying compensation (refund and replacement) and employee empowerment (empowered and non-empowered) in service recover situations, using a 2x2 experiment. Analysis was undertaken using mean contrasts and ANOVA's. Findings suggest that empowerment and refund independently impact on post recovery consumer loyalty and satisfaction, but there is no interaction effect.

External monitoring, managerial ownership and form performance in Malaysian capital market: a GMM based panel data approach

This study re-examines whether the structure of share ownership by both directors and institutional ownership provides explanation for firm performances. These relationships are modelled and estimated using GMM based dynamic panel data over a period from 1997 to 2001 with a sample of 100 CI components companies listed on Main Board of Malaysia. The findings provide strong evidence of simultaneity between firm performance and managerial ownership. Although an insignificant relationship between firm performance and institutional ownership is~ observed, the institutional holdings provide strong substitute for managerial ownership with a strong negative relationship between managerial ownership and institutional ownership. This is in line with the managerial incentive hypothesis, which suggests that manager's share in the firm's ownership leads to better performance and the monitoring substitute hypothesis, which suggests that managerial ownership could be effectively replaced by institutional ownership.

Audit quality, auditor compensation and initial public offering underpricing

We jointly study the impact of audit quality on auditor compensation and initial public offering (IPO) underpricing using a sample of Australian firms going public over the period 1996–2003. We find that quality (Big Four) audit firms earn significantly higher fees than non-Big Four auditors, and audit quality is positively associated with IPO underpricing. The positive relation between audit quality and underpricing is more pronounced for small issues, IPOs underwritten by non-prestigious underwriters, and those that are not backed by venture capitalists. Taken together, our results suggest that quality auditors serve as a signalling device that enhances post-issue market value of equity.

Applicability of leisure theory in managerial views on volunteerism in a volunteer managed nonprofit organisation : some preliminary findings

This paper explores whether a leisure perspective explains volunteer  motivations as perceived by managers of one event-based nonprofit  organisation - Victoria’s Open Garden Scheme. The results identify that a leisure perspective does not explain all motivations, as some volunteers are socially motivated by a desire to give back to their community. Other  motivations are less positive and less voluntary than is expected of leisure and volunteering in a traditional context. Suggestions are made for further research and managerial implications in regards to managing volunteers.

The influence of guarantee compensation and fix on service recovery

This study employed a 3 x 2 full-factorial, between-subjects design experiment examining the influence of service guarantee compensation and fix on hotel guests’ satisfaction following invocation of a service guarantee. The study involved a sample of 390 online panel members. As expected, satisfaction is enhanced when the problem is corrected, however overcompensating guests beyond what was initially promised does not enhance satisfaction evaluations. Increasing compensation from the low to the medium (promised) level results in stronger satisfaction ratings when the problem is fixed versus when it is not.

Middle managerial careers in the 21st century

Managerial careers no longer conform to traditional career paths, progressing within the hierarchical structure of one or two organisations. Instead, organisational restructuring and changed business practices have impacted middle managers' job security and the need to take personal responsibility for their careers. Concurrently. the nature ofmiddle managerial work has altered - bringing increasing intensity and a requirement to manage within new workplace practices such as flexibility initiatives and short-term managerial contracts. These changes have implications for how human resource professionals both attract and retain talented managers. This paper argues for a critical re-consideration ofthe distinct nature ofmiddle managerial careers.