Analysis of risk management disclosures by Australian publicly listed companies

In the aftermath of the global financial crisis, effective risk management (RM) and its communication to stakeholders are now considered essential components in corporate governance. However, despite the importance of RM communication, it is still unclear how and to what extent disclosures in financial reports can achieve effective communication of RM activities. The situation is hampered by the paucity of international RM Research that captures institution differences in corporate governance standards. The Australian setting provides an ideal environment in which to examine RM communication because the Australian Securities Exchange (ASX) has since 2007 recommended RM disclosures under its principle-based governance rules. The recommendations are contained in Principle 7 of the Corporate Governance Principles and recommendations (ASX CGPR). Accordingly, to assess the effectiveness of the AXS's RM governance principle, this study examines the nature and extent of RM disclosures reported by major ASX-listed firms. Using a mixed method approach (thematic content analysis and a series of regression analysis) we find widespread divergence in disclosure practices and low conformance with the Principle 7 recommendations. Certain corporate governance mechanisms appear to influence some categories of RM dislcosure but equity risk has surprisingly little explanatory power. These results suggest that the RM disclosures practices observed in the Australian setting may not be meeting the objectives of regulators and the needs of stakeholders.

The ACNC's new governance rules

Australian charities have a new regulator in the form of the Australian Charities and Not-for-profits Commission (ACNC) which began operations in December 2012; and new governance rules which applied from 1 July 2013. While there is some uncertainty over the ACNC's future, the new legislative framework currently applies to approximately 58,000 charities which seek federal tax concessions and other benefits, and includes governance standards that apply across charitable organisational forms (company, trust and association) with some exceptions. The governance standards are a minimum benchmark that many charities will already meet, if they are companies or incorporated associations.

Data as an asset : what the upstream oil & gas industry can learn about ‘big data’ from companies like Facebook

The upstream oil & gas industry has been contending with massive data sets and monolithic files for many years, but “Big Data”—that is, the ability to apply more sophisticated types of analytical tools to information in a way that extracts new insights or creates new forms of value—is a relatively new concept that has the potential to significantly re-shape the industry. Despite the impressive amount of value that is being realized by Big Data technologies in other parts of the marketplace, however, much of the data collected within the oil & gas sector tends to be discarded, ignored, or analyzed in a very cursory way. This paper examines existing data management practices in the upstream oil & gas industry, and compares them to practices and philosophies that have emerged in organizations that are leading the Big Data revolution. The comparison shows that, in companies that are leading the Big Data revolution, data is regarded as a valuable asset. The presented evidence also shows, however, that this is usually not true within the oil & gas industry insofar as data is frequently regarded there as descriptive information about a physical asset rather than something that is valuable in and of itself. The paper then discusses how upstream oil & gas companies could potentially extract more value from data, and concludes with a series of specific technical and management-related recommendations to this end.

Regulating audit quality : restoring trust and legitimacy

The global financial crsis, corporate failures and scandals in amny countries raise significant questions audit quality. In the UK, the FRC took the unprecedented step of codifying audit quality in its ‘Audit Quality Framework’. We analyze the extent to which audit firms, professional bodies, and investors considered the FRC proposals sufficient for addressing concerns about audit quality. Using impression management and legitimacy as a framework to analyze stakeholder responses we go beyond audit quality drivers identified by the FRC. In contrast to the drivers identified by the FRC, our focus on transparency, expertise, professionalism and commercialization of the audit shows that FRC, audit firms and professional bodies have mainly focused on issues which possibly do not pose a threat to the commercial interest of audit firms. Overall, our analysis shows that regulatory and professional bodies engaged in image management and the promotion of audit quality in an attempt to remedy tarnished image and augment their legitimacy and standing. In attempting to restore trust and legitimacy regulatory bodies, such as the FRC, have to reconcile complex often contradictory stakeholder demands.

Examining the implementation of ISO 9001 in Indonesian construction companies

Purpose To examine the implementation of quality management systems (QMSs) of Grade 7 (G-7) Indonesian construction companies. This includes the initial motives that have driven the development of QMSs, barriers to effective QMS implementation, the current practice and integration of QMS-ISO 9001 principles and elements, and the performance of contractors implementing such QMSs. Design/methodology/approach A survey was conducted involving 403 respondents (Quality Management Representatives, Managers, and Project and Site Engineers) from 77 G-7 as well as ISO 9001 certified Indonesian construction companies. Findings The main motive for G-7 contractors in establishing and implementing ISO 9001 based QMSs are identified as being to effectively and efficiently control project activities. Respondents apparently do not often experience problems related to QMS implementation. However, issues of management attitude and purpose are identified as barriers that may affect effective QMS implementation. The study highlights the ISO 9001 principles and elements that still require to be more critically applied by G-7 contractors in order to fully implement and improve their current QMS effectiveness. The findings also suggest that, although certified, many G-7 contractors have not yet achieved a satisfactory level of performance to be truly competitive in global markets outside Indonesia. Originality/value To date, only limited research has been conducted into the application of ISO 9001 in the Indonesian construction industry. The research findings reinforced the value of pursuing more effective QMS implementation. They also support current attempts to introduce ISO 9001 QMSs to a much wider base of Indonesian construction companies, particularly small and medium sized contractors and builders.

Examining the role of wine brand love on brand loyalty: A multi-country comparison

This study develops and tests a model through a multi-country study that considers consumer wine knowledge and wine experience, wine brand trust and wine brand satisfaction as antecedents of wine brand love, and wine brand loyalty as a consequence of wine brand love. Data were collected in five wine-producing countries (Australia, Chile, France, Mexico and Portugal) with a final sample of 3462 completed surveys. Hypotheses were tested with structural equation modeling and the findings confirm the importance of brand love as both a mediator and direct influence on brand loyalty for wine consumers. Furthermore, brand satisfaction was positively and significantly related to brand love. In addition, wine experience, rather than wine knowledge, positively influenced brand trust and satisfaction. Finally, results also identify differences between countries thereby providing insights into how companies should focus their marketing strategies internationally.

Design intersection: The growth of community-led technology enabled companies

The sharing economy or collaborative consumption based firms have the potential to disrupt long-standing traditional industries. However, little is known on the topic, specifically the role of design in these successful community-led, technology enable firms. It is the proposition of this research that the intrinsic innovation of collaborative consumption firms is not merely a technological one. With successful firms being identified by being able to marry both technological advancement and human insight on product meaning. Therefore, the authors suggest the use of design as an effective way to capitalise and build on product meaning, not only technological advancements in order to foster the growth of a community. To explore this further, the research team decided to investigate two fast growing examples of industry disrupting, sharing economy businesses; Airbnb and Uber. Of the two cases, the use of design was found to be more evident within, Airbnb, due to wide profession of using design techniques. Each case study has been mapped on Guenther’s (2012) framework of techno-economic innovation to help illustrate this marriage of innovation agendas. This paper explored the role of design in community-led companies by presenting an argument for why they have succeeded due to an understanding of human need and key market trends, instead of only technological innovation alone. Findings and implication of these case studies suggest the future role of design as a method to achieve this success. Built on the core tenants of design thinking, these techniques rationalise technology, human needs and business viability to product innovative solutions. Upon these findings, the research team has created a new framework for understanding community-led technology enabled companies, one that builds upon the work of Guenther’s (2012) model of enterprise design innovation. This paper is the first step in a new research agenda.

Gossip we can trust: Defamation law and non-fiction

Drawing on two case studies, this article considers the allegation of a disgruntled author: ’Defamation was framed to protect the reputations of 19th century gentlemen hypocrites'. The first case study considers the litigation over Bob Ellis' unreliable political memoir, ’Goodbye Jerusalem', published by Random House. The second case study focuses upon the litigation over the allegation by Media Watch that Richard Carleton had plagarised a documentary entitled ’Cry from the Grave'. The article considers the meaning of defamatory imputations, the range of defences, and the available remedies. It highlights the competing arguments over the protection of reputation and privacy, artistic expression, and the freedom of speech. This article concludes that defamation law should foster ’gossip we can trust'.

European audiovisual production companies adapting to strategic challenges

These are turbulent times for audio- visual production companies. Radical changes, both inside and outside the organizations, reach across national markets and different genres. For instance, production methods are changing; the demand from audiences and advertisers is changing; power relations between the actors involved in the value chain are changing; and increasing concentration makes the market even more competitive for small independent players. From a perspective of the structure–conduct– performance paradigm (Ramstad, 1997) it is reasonable to expect that these changes on a structural level of the industry will cause the production companies to adapt their strategic behaviour. The current challenges for media companies are a combination of rising complexity and uncertainty in the market (Picard, 2004). The increasing complexity can for instance be observed in the growing number of market segments and in the continuing trend towards cross- media strategies where media companies operate in multiple markets and on multiple platforms...

Kulttuurierot ja kielimuuri valtanäkökulmasta suomalais-puolalaisessa työyhteisössä

The thesis deals with cultural differences and language barrier in a Finnish-Polish working environment. The object is to find out what kind of language and cultural practices prevail and what are their consequences. This qualitative research focuses on problem solving strategies used to manage language barrier and cultural differences and their effect on power relations within the working environment and in relation to e.g. parent company, business partners or customers. The research data was collected by half-structured individual interviews of 24 Finns and Poles in seven companies in Poland. The research indicates that language practices as well as Polish employees' language skills significantly affect information flows: those Poles, who have good language skills, are less dependent on their Finnish superior and thanks to their contacts with Finnish parent company they gain adequate information. Different time perceptions next to the perceived slowness of Finns are one of the most important factors causing cultural conflicts in the researched working environments. Most often mentioned by Finns were issues of trust. However, the problematic issues brought up most were often things that the respondents could not influence since they did not concern the closest working environment but others. It seems that the contrast that used to be strong between superiors and subordinates in Poland has - partly due to the Finns' informal management style - in these mixed working environments transformed into a contrast between own working environment and the outsiders.

"You must trust somebody" : Valtio, liberalismi ja sotatarviketeollisuus Britanniassa 1884-1905

Tutkielmassa on tarkasteltu Britannian sotilasviranomaisten ja maan sotatarviketeollisuuden välisiä suhteita vuosina 1884-1905. Kiihtyvän kilpavarustelun myötä Britannian sotilasbudjetit kasvoivat nopeasti, mikä johti maan sotatarviketeollisuuden saamien tilausten määrän nopeaan kasvuun samalla kun tuotteiden teknologinen kehitys oli nopeaa. Sotilasmenojen nopea kasvu antoi sotamateriaalihankinnoista vastaaville viranomaisille mahdollisuuden vaikuttaa yksityisen teollisuuden kehitykseen. Keskittämällä tilaukset vain luotettavina pitämilleen yrityksille viranomaiset loivat näiden kanssa puolivirallisia yhteistyösuhteita ja edistivät samalla voimakkaasti alan keskittymistä. Toisaalta muutamien suuryritysten hallitsemasta sotatarviketuotannosta muodostui yksi niistä harvoista teollisuuden aloista, joilla Britannian nopeasti kasvavat kilpailijat eivät pystyneet ohittamaan sitä enempää tuotteiden teknologisessa tasossa kuin markkinaosuuksien suuruudessakaan. Tiettyjen yritysten suosimisen taustalla ei ollut vain maanpuolustuksen kannalta rationaalinen pyrkimys hankkia riittävän laadukasta ja kehittynyttä sotamateriaalia, vaan asiaan vaikutti myös upseerien ja sotilasministeriöiden siviilivirkamiesten perinteiset aristokraattiset ajattelu- ja toimintamallit. Taloudellisen liberalismin hengessä tapahtuneet pyrkimykset uudistaa hankintamenettelyä vastaamaan enemmän vapaan kilpailun ja taloudellisuuden ihanteita jäivät yleensä tuloksettomiksi. Sotamateriaalihankintoihin liittyvä päätöksenteko vaati suurta asiantuntemusta, mikä johti sotaministeriön ja amiraliteetin virkamiesten vaikutusvallan kasvamiseen. Sotateollisuuden laajeneminen kytkeytyy läheisesti 1900-luvun alussa Britannian yhteiskunnallisessa elämässä tapahtuneeseen muutokseen, jota yleensä on luonnehdittu laissez fairen lopuksi. Jo 1880-luvulla alkaneella puuttumisellaan yksityisten sotateollisuusyritysten kehitykseen viranomaiset olivat alkaneet harjoittaa suunniteltua teollisuuspolitiikkaa, jonka tuloksena syntynyt puolivirallinen sotilasteollinen sektori oli aatteellisesti liberaaliin yhteiskuntaan soveltumaton ilmiö. Aseteollisuudessa Britannian valtio oli siten joutunut ensimmäisen kerran läheiseen vuorovaikutussuhteeseen modernien suuryritysten kanssa. Kytkentä, joka 1900-luvun kuluessa levisi yhä uusille aloille samalla kun valtion roolia talouselämässä alettiin vahvistaa. Tutkimuksen varsinaisen lähdemateriaalin muodostavat Britannian parlamentin pöytäkirjat ja sen komiteoiden raportit Niiden ohella on käytetty päätöksien tekemiseen osallistuneiden tai niihin vaikuttamiseen pyrkineiden poliitikkojen ja sotilaiden painettuja puheita, kirjekokoelmia, päiväkirjoja ja muistelmia sekä eräitä aikakauden historiaa koskevia dokumenttikokoelmia ja tilastojulkaisuja. Oleellista valaistusta asiaan tuovat osaltaan aikalaisten kirjoittamat teokset sekä lehdistö, joista kuvastuu ajalle ominainen ajattelutapa. Aihetta suoranaisesti koskevaa, tieteellisen tutkimusten kriteerit täyttävää aikaisempaa tutkimusta on vähän, mutta aihetta sivuavien tutkimusten määrä on erittäin suuri. Sotamateriaalihankintoja ja niiden taustalla olevia syitä voidaan tarkastella niin talous-, sota- aate-, kuin poliittisen historiankin näkökulmista, mutta yksinään mikään niistä ei ole riittävä tämän tutkimuksen kysymyksenasettelun kannalta. Siten tutkielmaa varten on perehdytty laajasti aikakautta koskevaan tutkimuskirjallisuuteen.

Fostering interpersonal trust on social media: Physicians' perspectives and experiences

Background The problem of developing and sustaining mutual trust is one of the main barriers to knowledge sharing on social media platforms such as blogs, wikis, micro-blogs and social networking websites. While many studies argue that mutual trust is necessary for online communication and knowledge sharing, few have actually explored and demonstrated how physicians can establish and sustain trusted relationships on social media. Objectives To identify approaches through which physicians establish interpersonal trust on social media. Methods Twenty-four physicians, who were active users of social media, were interviewed using a semi-structured approach between 2013 and 2014. Snowball sampling was employed for participant recruitment. The data were analysed using a thematic analysis approach. Results Physicians trust their peers on social media in a slightly different way than in face-to-face communication. The study found that the majority of participants established trust on social media mainly through previous personal interaction, authenticity and relevancy of voice, professional standing, consistency of communication, peer recommendation, and non-anonymous and moderated sites. Conclusions Healthcare professionals need to approach social media carefully when using it for knowledge sharing, networking and developing trusted relations with like-minded peers.

Public trust in Australian charities: Accounting for cause and effect

This paper reports on a study of the key determinants of public trust in charitable organisations, using survey data commissioned by the Australian Charities and Not-for-profits Commission. Data analysis used partial least squares structural equation modelling to examine both antecedents of trust and the influence of trust on charitable donative intentions. We found that people tend to trust charities with which they are familiar, and which are transparent in their reporting. Organisational size, importance, reputation and national significant were also antecedents of trust. People are more likely to volunteer or donate to charities they trust. The practical implications of this are that charities seeking to enhance their volunteer and donation base should pay attention to their marketing, reputation and disclosure activities, as well as to doing good work on an ongoing basis in the community. Theoretically, the implications are that transparency and reputation do not result directly in donations and volunteering, but they do create trust, and it is trust which then leads to donations and volunteering.