Corporate governance, firm characteristics and risk management committee formation in Australian companies

Purpose – The purpose of this paper is to examine how a risk management committee (RMC), as a newly evolving sub-committee of the board of directors, functions as a key governance support mechanism in the oversight an organisation's risk management strategies, policies and processes. However, empirical evidence on the factors associated with the existence and the type of RMCs remains scant.

Design/methodology/approach – Using an agency theory perspective, this study investigates the association between board factors such as proportion of non-executive directors, Chief Executive Officer duality, and board size; as well as, other firm-related factors (e.g. auditor type, industry, leverage, and complexity), and the existence of a RMC, and the type of RMC (namely, a separate RMC versus one that is combined with the audit committee). Data was collected from the annual reports of the top 300 Australian Stock Exchange (ASX)-listed companies.

Findings – The results, based on logistic regression analyses, indicate that RMCs tend to exist in companies with an independent board chairman and larger boards. Further, the results also indicate that in comparison to companies with a combined RMC and audit committee, those with a separate RMC are more likely to have larger boards, higher financial reporting risk and lower organisational complexity.

Research limitations/implications – Data limited to top 200 top ASX-listed companies, thus restricting generalisability of the results.

Originality/value – The findings of this study provide additional information on the use and design of RMCs in a voluntary setting.

Investigation into the interactive multimedia production processes of novice multimedia designer /producers in a constructivist environment

The main purpose of this study was to investigate the instructional interactive multimedia (IMI) production processes of adult novice multimedia production course. The study aimed at discovering whether a constructivistic teacher-learning environment facilitated these multimedia novice designer / producers to further develop metacognitivestates of higher-order thinking like schema formation, problem-solving and cognitive construction when producing their interactive multimedia project. To achieve this study examined the facilitative and limiting activities in planning, design and development that have assisted or hindered the NMDPs during their multimedia production work This research utilises a qualitative paradigm and makes extensive use of multiple data sources such as the participants’ proposals, planning aids, logs and final projects for single as well as cross-case analyses and discussion. Three cases were selected for in-depth analysis in the study because they provided interviews and more complete documentation and "thick descriptions" of their multimedia production activities. Findings about the NMDPs multimedia production endeavours showed that they learnt best about multimedia technology for teacing and learning by producing an interactive multimedia project themselves. Factors that enabled some of the NMDPs to flourish in a constructivistic environment included their ability to utilise their new and extended schemata to problem solve, their self regulation and a creative and positive attitude to demanding multimedia work NMDPs who utilised facilitative planning aids and design strategies produced impressive work. The study further indicates that the NMDPs’ holistic multimedia production experience made them aware of the levels of complexity involved and boosted their confidence about multimedia production for educational purposes. Suggestions for further research include examining the production styles of adult multimedia novices and young novices and investigating the implications of designing multimedia for large audience presentation rather than for single or small group learner usage.

Development of a novel micro-spray-assembly process for multilayer ultra-thin film formation

A novel micro-spray-assembly process and an automatic device to fabricate multilayer ultra-thin film are introduced. Employing self-assembly monolayer (SAM) technique, ultra-thin film can be assembled by utilizing the micro-spray-assembly device. The thickness and roughness of each monolayer can be controlled by varying various materials attributes, i.e., deposition time, ionic strength, pH value, molecular concentration and by selecting different manufacturing parameters of the automatic device such as spraying rate, size of micro-drop, N₂ flow rate, temperature of N₂ flow.

Microstructural development in Al/MgAl2O4 in situ metal matrix composite using value-added silica sources

Al/MgAl2O4 in situ metal matrix composites have been synthesized using value-added silica sources (microsilica and rice husk ash) containing ~97% SiO2 in Al-5 wt.% Mg alloy. The thermodynamics and kinetics of MgAl2O4 formation are discussed in detail. The MgO and MgAl2O4 phases were found to dominate in microsilica (MS) and rice husk ash (RHA) value-added composites, respectively, during the initial stage of holding the composites at 750 °C. A transition phase between MgO and MgAl2O4 was detected by the scanning electron microscopy and energy-dispersive spectroscopy (SEM–EDS) analysis of the particles extracted from the composite using 25% NaOH solution. This confirms that MgO is gradually transformed to MgAl2O4 by the reaction 3SiO2(s)+2MgO(s)+4Al(l)→2MgAl2O4(s)+3Si(l). The stoichiometry of MgAl2O4, n, computed by a new methodology is between 0.79 and 1.18. The reaction between the silica sources and the molten metal stopped after 55% of the silica source was consumed. A gradual increase in mean MgAl2O4 crystallite size, D, from 24 to 36 nm was observed in the samples held for 10 h.

An agent-based approach to value theory and wealth distribution in economics

Any attempt to model an economy requires foundational assumptions about the relations between prices, values and the distribution of wealth. These assumptions exert a profound influence over the results of any model. Unfortunately, there are few areas in economics as vexed as the theory of value. I argue in this paper that the fundamental problem with past theories of value is that it is simply not possible to model the determination of value, the formation of prices and the distribution of income in a real economy with analytic mathematical models. All such attempts leave out crucial processes or make unrealistic assumptions which significantly affect the results. There have been two primary approaches to the theory of value. The first, associated with classical economists such as Ricardo and Marx were substance theories of value, which view value as a substance inherent in an object and which is conserved in exchange. For Marxists, the value of a commodity derives solely from the value of the labour power used to produce it - and therefore any profit is due to the exploitation of the workers. The labour theory of value has been discredited because of its assumption that labour was the only ‘factor’ that contributed to the creation of value, and because of its fundamentally circular argument. Neoclassical theorists argued that price was identical with value and was determined purely by the interaction of supply and demand. Value then, was completely subjective. Returns to labour (wages) and capital (profits) were determined solely by their marginal contribution to production, so that each factor received its just reward by definition. Problems with the neoclassical approach include assumptions concerning representative agents, perfect competition, perfect and costless information and contract enforcement, complete markets for credit and risk, aggregate production functions and infinite, smooth substitution between factors, distribution according to marginal products, firms always on the production possibility frontier and firms’ pricing decisions, ignoring money and credit, and perfectly rational agents with infinite computational capacity. Two critical areas include firstly, the underappreciated Sonnenschein-Mantel- Debreu results which showed that the foundational assumptions of the Walrasian general-equilibrium model imply arbitrary excess demand functions and therefore arbitrary equilibrium price sets. Secondly, in real economies, there is no equilibrium, only continuous change. Equilibrium is never reached because of constant changes in preferences and tastes; technological and organisational innovations; discoveries of new resources and new markets; inaccurate and evolving expectations of businesses, consumers, governments and speculators; changing demand for credit; the entry and exit of firms; the birth, learning, and death of citizens; changes in laws and government policies; imperfect information; generalized increasing returns to scale; random acts of impulse; weather and climate events; changes in disease patterns, and so on. The problem is not the use of mathematical modelling, but the kind of mathematical modelling used. Agent-based models (ABMs), objectoriented programming and greatly increased computer power however, are opening up a new frontier. Here a dynamic bargaining ABM is outlined as a basis for an alternative theory of value. A large but finite number of heterogeneous commodities and agents with differing degrees of market power are set in a spatial network. Returns to buyers and sellers are decided at each step in the value chain, and in each factor market, through the process of bargaining. Market power and its potential abuse against the poor and vulnerable are fundamental to how the bargaining dynamics play out. Ethics therefore lie at the very heart of economic analysis, the determination of prices and the distribution of wealth. The neoclassicals are right then that price is the enumeration of value at a particular time and place, but wrong to downplay the critical roles of bargaining, power and ethics in determining those same prices.

Proof of Concept : developing a peer reviewed evidence-based interactive e-learning programme

Knowledge and skill acquisition related to vascular access are traditionally individual institutional educational initiatives. Australia currently has no national evidence based education programme for renal nurses. A survey of Australian and New Zealand Nephrology Educators' conducted in 2009, identified the need for more effective and consistent delivery of clinical education for nurses using innovative, web-based approaches supporting the tenets of e-learning methodologies. This paper discusses the development, implementation and proposed evaluation of a peer reviewed Australasian e-learning programme on buttonhole cannulation. It will further highlight the benefits of inter-organisational partnerships and how these partnerships can facilitate positive change in teaching and learning practices. This project has unique characteristics that collectively provide value, distinction and innovation to nurses, patients and renal departments. As the e-learning programme was founded on a platform of evidence-based practice it is therefore easily transferable to an international context.

The relationship between emergence of the shortest path and information value using ant-like agents

Ant-like agents forage between two points. These agents' probabilistic movements are based on the use of two pheromones; one marking trails towards the goal and another marking trails back to the starting point. Path selection decisions are influenced by the relative levels of attractive and repulsive pheromone in each agent's local environment. Our work in [5] evaluates three pheromone perception strategies, investigating path formation speed, quality, directionality, robustness and adaptability under different parameter settings(degree of randomness, pheromone evaporation rate and pheromone diffusion rate). We re-evaluate two of these strategies in terms of the amount of information they provide using Shannon's formulation [3, 4, 8, 9, 12, 14, 15, 16, 17]. We determine information as the difference between uncertainty before and after path selection decisions. Our focus in this paper is on investigating relationships between the emergence of the shortest path and the amount of stigmergic information that exists in the form of pheromone. Agents are deployed centrally and emergence measures are determined using the worst, reference and best cases observed in [5]. Additionally, the amount of local and global information that is available to agents in each movement step is evaluated. Furthermore, Pearson's correlation coefficients between measures of emergence and the amount of information are calculated. The significance of these correlation coefficients is tested using a 2 tailed test at 1% level of significance. Consequently the relationship between the amount of information and emergent behaviour is established. Significant relationships between information and the emergence of the shortest path exist when strong emergent behaviour is present.

Real-time surface formation using a network of interconnected programmable actuators

This research has explored methods for developing a large interactive dynamic 3D surface using an array of interconnected pneumatically actuated cylinders. People can control the surface using body movement, sound or pre-programmed sequences. The main contribution is a method for accurately positioning cylinders without the need for position feedback.

Size invariance of fibrous networks of supramolecular soft materials during formation under critical volume confinement

The rheological properties of a hierarchically structured supramolecular soft material are mainly determined by the structure of its network. Controlling the thermodynamic driving force of physical gels (one type of such materials) during the formation has proven effective in manipulating the network structure due to the nature of nucleation and growth of the fiber network formation in such a supramolecular soft material. Nevertheless, it is shown in this study that such a property can be dramatically influenced when the volume of the system is reduced to below a threshold value. Unlike un-confined systems, the network structure of such a soft material formed under volume confinement contains a constant network size, independent of the experimental conditions, i.e. temperature and solute concentration. This implies that the size of the fiber networks in such a material is invariable and free from the influence of external factors, once the volume is reduced to a threshold. The observations of this work are significant in the control of the formation of fibrous networks in materials of this type.

A facile synthesis of mesoporous silica nanoparticle and its morphology manipulation by varying pH value

 Mesoporous silica nanoparticles (MSNs) with particle size of20 nm have been synthesised through the template directed method at low temperature. The pH value of the reaction solution was found to have a great impact on the morphology of the final products. The morphology of resultant MSNs were investigated through transmission electron microscope. The mesoporous structure was examined by Brunauer-Emmett-Teller and Barrett-Joyner-Halenda methods. The results suggested that the high pH value had a great effect on the morphology of the final MSNs. Higher pH value intensified the interaction between particles. The pH value less than 10 is good for the formation of nanoparticles, while at pH 12, a silica framework with heterogeneous mesopore structure can be obtained.