An analysis of the timeliness and nature of profit warnings in the aftermath of the Global Financial Crisis

The global financial crisis (GFC) has severely impacted the financial position and performance of many companies internationally. Because of its severity and associated increase in uncertainty it challenges the effectiveness of existing disclosure regulation. Australia provides a unique environment in which to test the effects of the GFC on corporate disclosure because statutory rules mandate the timely disclosure of ‘price-sensitive’ information (ASX Rule 3.1) by listed entities. Exploiting this institutional setting we investigate the determinants and timeliness of profit warnings issued by the top 500 ASX-listed firms with profit declines in the 2009 fiscal year. Our findings show that firms behave differently with regard to the issuance of profit warnings: larger and more indebted firms are more likely to issue a profit warning and tend to be timelier; surprisingly, poorer performing firms tend to release the news more quickly and this might be attributed to an increasing threat of litigation. Our analysis of profit warning determinants shows interesting results with the presence of asset impairments hindering the early disclosure of profit warnings. Our findings are novel for two main reasons: first, we provide insights into the impact of global financial crisis on profit warning behaviour; second, we are the first to examine the differential impact of alternative features of profit warnings on disclosure timeliness. The findings have implications for regulators in determining compliance with continuous disclosure rules and more broadly, for market participants in interpreting profit warnings.

Safe Design Project : Review of occupational health and safety legal requirements for designers, manufacturers, suppliers, importers and other relevant obligation bearers

In seeking to achieve Australian workplaces free from injury and disease NOHSC works to lead and coordinate national efforts to prevent workplace death, injury and disease. We seek to achieve our mission through the quality and relevance of information we provide and to influence the activities of all parties with roles in improving Australia’s OHS performance. NOHSC has five strategic objectives: • improving national data systems and analysis, • improving national access to OHS information, • improving national components of the OHS and related regulatory framework, • facilitating and coordinating national OHS research efforts, • monitoring progress against the National OHS Improvement Framework. This publication is a contribution to achieving those objectives

Occupational Health and Safety, Courts and Crime: the legal construction of occupational health and safety offences in Victoria

This book reports on an empirically-based study of the manner in which the Magistrates' Courts in Victoria, construct occupational health and safety (OHS) issues when hearing prosecutions for offences under the Victorian OHS legislation. Prosecution has always been a controversial element in the enforcement armoury of OHS regulators, but at the same time it has long been argued that the low level of fines imposed by courts has had an important chilling effect on the OHS inspectorate's enforcement approaches, and on the impact of OHS legislation. Using a range of empirical research methods, including three samples of OHS prosecutions carried out in the Victorian Magistrates' Courts, Professor Johnstone shows how courts, inspectors, prosecutors and defence counsel are involved in filtering or reshaping OHS issues during the prosecution process, both pre-trial and in court. He argues that OHS offences are constructed by focusing on "events", in most cases incidents resulting in injury or death. This "event-focus" ensures that the attention of the parties is drawn to the details of the incident, and away from the broader context of the event. During the court-based sentencing process defence counsel is able to adopt a range of techniques which isolate the incident from its micro and macro contexts, thereby individualising and decontextualising the incident.

Work Health and Safety Law and Policy

The third edition of Work Health and Safety Law and Policy continues to provide a plain English approach to explaining and analysing the law which regulates work health and safety in Australia. Providing broad coverage, this book focuses on the role that legal regulation plays in preventing work-related injury and disease, as well as the way in which the law contributes to rehabilitating and compensating injured and ill workers. This third edition focuses on the national model Work Health and Safety Bill 2009. The provisions of the model Bill are outlined, along with court decisions and other documentation that help interpret the provisions in new legislation enacting the model Bill. There is also a chapter in the book examining the national model Work Health and Safety Regulations 2011, and model codes of practice. The book includes three chapters on common law, statutory workers’ compensation provisions and rehabilitation. Tables summarising the key legal provisions of the major Australian Commonwealth, State and Territory workers’ compensation statutes have been updated and give quick and easy reference to points of legislation.

Work Health and Safety Regulation in Australia: the Model Act

This book critically analyses the Model Work Health and Safety Bill, which is the pivotal legal instrument upon which the harmonisation of work health and safety regulation in Australia is based. This Model Act has already been adopted from 1 January 2012 in some Australian jurisdictions – the Commonwealth, New South Wales, Queensland and the two territories – and is the culmination of a long process which gained renewed impetus with a National Review of Model Occupational Health and Safety Laws commissioned by the Federal Government on behalf of all Australian governments in April 2008. The book explains the origins of the Model Act, analyses its provisions, outlines practical issues, including potential difficulties, in their application and makes suggestions for further debate to develop the harmonised provisions. It explores the potential of the harmonised health and safety laws and assesses their adequacy to guide us through the challenges of the next century.

Regulating Occupational Health and Safety in a Changing Labour Market

The traditional boundaries of labour law are becoming outmoded in a modern world in which active labour market participants vastly outnumber “employees”, and the world of work extends way beyond the workplace gate. There is convergence with labour market regulation. The contract of employment remains central but is no longer the sole object of study.

From Catch Up to Innovation: A History of occupational Health and Safety Regulation in Queensland

From Queensland’s inception as a self-governing colony in December 1859 the issue of labour relations has preoccupied governments and shaped the experiences of its working men and women. However, despite the often turbulent nature of labour relations in Queensland there has, prior to this book, been no attempt to provide an overview of the system as a whole. This important addition to Queensland’s sesquicentenary celebrations redresses this failure, looking at the diverse range of experiences that, together, made up a unique system of labour relations – including those of employers, women workers, indigenous workers, unions, the Queensland Industrial Relations Commission, labour law, industrial disputation, the workings of health and safety system and life in regional areas. It is argued that, overall, Queensland’s system of industrial regulation was central to its economic and social development. Despite past emphasis on the large-scale strikes that periodically raked the state this book finds that consensus normally prevailed.

History of Work Health and Safety Laws

This definitive guide (formerly the Australian Master OHS & Environment Guide) is a first point of reference for work health and safety best practice and strategy. Written by WHS and legal experts, the guide provides key information on the challenges that professionals and organisations face in relation to WHS. It includes valuable information on legal obligations and risk management, and covers the latest changes brought about by the Work Health and Safety Act.

Overview of New Work Health and Safety Laws

This definitive guide (formerly the Australian Master OHS & Environment Guide) is a first point of reference for work health and safety best practice and strategy. Written by WHS and legal experts, the guide provides key information on the challenges that professionals and organisations face in relation to WHS. It includes valuable information on legal obligations and risk management, and covers the latest changes brought about by the Work Health and Safety Act.

Informal Sectors and New Industries: The Complexities of Regulating Occupational Health and Safety in Developing Countries

Focusing on paid work that blurs traditional legal boundaries and the challenge this poses to traditional forms of labour regulation, this collection of original case studies illustrates the wide range of different forms of regulation designed to provide decent work. The original case studies cover a diversity of workers from across developed and developing countries, the formal and informal economies and public and private work spaces. Each deals with the failings of traditional labour law, and several explore the capacity of different forms of regulatory techniques, such as commercial law, corporate codes of conduct, or supply chain regulation, to protect workers.

Decriminalization of Health and Safety at Work in Australia

ABOUT THE BOOK As the title Safety or Profit? suggests, health and safety at work needs to be understood in the context of the wider political economy. This book brings together contributions informed by this view from internationally recognized scholars. It reviews the governance of health and safety at work, with special reference to Australia, Canada, Sweden, and the United Kingdom. Three main aspects are discussed. The restructuring of the labor market: this is considered with respect to precarious work and to gender issues and their implications for the health and safety of workers. The neoliberal agenda: this is examined with respect to the diminished power of organized labor, decriminalization, and new governance theory, including an examination of how well the health-and-safety-at-work regimes put in place in many industrial societies about forty years ago have fared and how distinctive the recent emphasis on self-regulation in several countries really is. The role of evidence: there is a dearth of evidence-based policy. The book examines how policy on health and safety at work is formulated at both company and state levels. Cases considered include the scant regard paid to evidence by an official inquiry into future strategy in Canada; the lack of evidence-based policy and the reluctance to observe the precautionary principle with respect to work-related cancer in the United Kingdom; and the failure to learn from past mistakes in the Deepwater Horizon disaster in the Gulf of Mexico. Intended Audience: Researchers; policymakers, trade union representatives, and officials interested in OHS; postgraduate students of OHS; OHS professionals; regulatory and socio-legal scholars.