Do board contacts matter? : an analysis of the relationship between boards of directors’ ties and the performance of Australia’s largest companies.

Boards of directors are thought to provide access to a wealth of knowledge and resources for the companies they serve, and are considered important to corporate governance. Under the Resource Based View (RBV) of the firm (Wernerfelt, 1984) boards are viewed as a strategic resource available to firms. As a consequence there has been a significant research effort aimed at establishing a link between board attributes and company performance. In this thesis I explore and extend the study of interlocking directorships (Mizruchi, 1996; Scott 1991a) by examining the links between directors’ opportunity networks and firm performance. Specifically, I use resource dependence theory (Pfeffer & Salancik, 1978) and social capital theory (Burt, 1980b; Coleman, 1988) as the basis for a new measure of a board’s opportunity network. I contend that both directors’ formal company ties and their social ties determine a director’s opportunity network through which they are able to access and mobilise resources for their firms. This approach is based on recent studies that suggest the measurement of interlocks at the director level, rather than at the firm level, may be a more reliable indicator of this phenomenon. This research uses publicly available data drawn from Australia’s top-105 listed companies and their directors in 1999. I employ Social Network Analysis (SNA) (Scott, 1991b) using the UCINET software to analyse the individual director’s formal and social networks. SNA is used to measure a the number of ties a director has to other directors in the top-105 company director network at both one and two degrees of separation, that is, direct ties and indirect (or ‘friend of a friend’) ties. These individual measures of director connectedness are aggregated to produce a board-level network metric for comparison with measures of a firm’s performance using multiple regression analysis. Performance is measured with accounting-based and market-based measures. Findings indicate that better-connected boards are associated with higher market-based company performance (measured by Tobin’s q). However, weaker and mostly unreliable associations were found for accounting-based performance measure ROA. Furthermore, formal (or corporate) network ties are a stronger predictor of market performance than total network ties (comprising social and corporate ties). Similarly, strong ties (connectedness at degree-1) are better predictors of performance than weak ties (connectedness at degree-2). My research makes four contributions to the literature on director interlocks. First, it extends a new way of measuring a board’s opportunity network based on the director rather than the company as the unit of interlock. Second, it establishes evidence of a relationship between market-based measures of firm performance and the connectedness of that firm’s board. Third, it establishes that director’s formal corporate ties matter more to market-based firm performance than their social ties. Fourth, it establishes that director’s strong direct ties are more important to market-based performance than weak ties. The thesis concludes with implications for research and practice, including a more speculative interpretation of these results. In particular, I raise the possibility of reverse causality – that is networked directors seek to join high-performing companies. Thus, the relationship may be a result of symbolic action by companies seeking to increase the legitimacy of their firms rather than a reflection of the social capital available to the companies. This is an important consideration worthy of future investigation.

Guided chaos : path planning and control for a UAV-forced landing

In recent years, unmanned aerial vehicles (UAVs) have been widely used in combat, and their potential applications in civil and commercial roles are also receiving considerable attention by industry and the research community. There are numerous published reports of UAVs used in Earth science missions [1], fire-fighting [2], and border security [3] trials, with other speculative deployments, including applications in agriculture, communications, and traffic monitoring. However, none of these UAVs can demonstrate an equivalent level of safety to manned aircraft, particularly in the case of an engine failure, which would require an emergency or forced landing. This may be arguably the main factor that has prevented these UAV trials from becoming full-scale commercial operations, as well as restricted operations of civilian UAVs to only within segregated airspace.

Re-visioning a "novel concept" : beyond vision and revision to advanced editing strategies

This thesis is a work of creative practice-led research comprising two components. The first component is a speculative thriller novel, entitled Diamond Eyes. (Contracted for publication in 2009 by Harper Collins: Voyager as the first in a trilogy, under the name AA Bell.) The second component is an exegesis exploring the notion of re-visioning a novel. Re-visioning, not to be confused with revision, refers to advance editing strategies required when the original vision of a novel changes during development.

Transforming people, place, and technology : towards re-creative city

This session is titled TRANSFORM! Opportunities and Challenges of Digital Content for Creative Economy. Some of the key concepts for this session include: 1. City / Economy 2. Creativity 3. Digital content 4. Transformation All of us would agree that these terms describe pertinent characteristics of contemporary world, the epithet of which is the ‘network era.’ I was thinking about what I would like to discuss here and what you, leading experts in divergent fields, would be interested to hear about. As the keynote for this session and as one of the first speakers for the entire conference, I see my role as an initiator for imagination, the wilder the better, posing questions rather than answers. Also given the session title Transform!, I wish to change this slightly to Transforming People, Place, and Technology: Towards Re-­creative City in an attempt to take us away a little from the usual image depicted by the given topic. Instead, I intend to sketch a more holistic picture by reflecting on and extrapolating the four key concepts from the urban informatics point of view. To do so, I use ‘city’ as the primary guiding concept for my talk rather than probably more expected ‘digital media’ or ‘creative economy.’ You may wonder what I mean by re-­creative city. I will explain this in time by looking at the key concepts from these four respective angles: 1. Living city 2. Creative city 3. Re-­‐creative city 4. Opportunities and Challenges to arrive at a speculative yet probable image of the city that we may aspire to transform our current cities into. First let us start by considering the ‘living city.’

Suzumushi : the silent swarm

This silent swarm of stylized crickets is downloading data from Internet and catalogue searches being undertaken by the public at the State Library Queensland. These searches are being displayed on the screen on their backs. Each cricket downloads the searches and communicates this information with other crickets. Commonly found searches spread like a meme through the swarm. In this work memes replace the crickets’ song, washing like a wave through the swarm and changing on the whim of Internet users. When one cricket begins calling others, the swarm may respond to produce emergent patterns of text. When traffic is slow or of now interest to the crickets, they display onomatopoeia. The work is inspired by R. Murray Schafer’s research into acoustic ecologies. In the 1960’s Schafer proposed that many species develop calls that fit niches within their acoustic environment. An increasing background of white noise dominates the acoustic environment of urban human habitats, leaving few acoustic niches for other species to communicate. The popularity of headphones and portable music may be seen as an evolution of our acoustic ecology driven by our desire to hear expressive, meaningful sound, above the din of our cities. Similarly, the crickets in this work are hypothetical creatures that have evolved to survive in a noisy human environment. This speculative species replaces auditory calls with onomatopoeia and information memes, communicating with the swarm via radio frequency chirps instead of sound. Whilst these crickets cannot make sound, each individual has been programmed respond to sound generated by the audience, by making onomatopoeia calls in text. Try talking to a cricket, blowing on its tail, or making other sounds to trigger a call.

Comparing different explanations of the volatility trend

We analyze the puzzling behavior of the volatility of individual stock returns over the past few decades. The literature has provided many different explanations to the trend in volatility and this paper tests the viability of the different explanations. Virtually all current theoretical arguments that are provided for the trend in the average level of volatility over time lend themselves to explanations about the difference in volatility levels between firms in the cross-section. We therefore focus separately on the cross-sectional and time-series explanatory power of the different proxies. We fail to find a proxy that is able to explain both dimensions well. In particular, we find that Cao et al. [Cao, C., Simin, T.T., Zhao, J., 2008. Can growth options explain the trend in idiosyncratic risk? Review of Financial Studies 21, 2599–2633] market-to-book ratio tracks average volatility levels well, but has no cross-sectional explanatory power. On the other hand, the low-price proxy suggested by Brandt et al. [Brandt, M.W., Brav, A., Graham, J.R., Kumar, A., 2010. The idiosyncratic volatility puzzle: time trend or speculative episodes. Review of Financial Studies 23, 863–899] has much cross-sectional explanatory power, but has virtually no time-series explanatory power. We also find that the different proxies do not explain the trend in volatility in the period prior to 1995 (R-squared of virtually zero), but explain rather well the trend in volatility at the turn of the Millennium (1995–2005).

Using mobile phones to improve offline access to online information : distributed content delivery

Mobile phones are now powerful and pervasive making them ideal information browsers. The Internet has revolutionized our lives and is a major knowledge sharing media. However, many mobile phone users cannot access the Internet (for financial or technical reasons) and so the mobile Internet has not been fully realized. We propose a novel content delivery network based on both a factual and speculative analysis of today’s technology and analyze its feasibility. If adopted people living in remote regions without Internet will be able to access essential (static) information with periodic updates.

The feeling

In this video, a thumping house-music track is accompanied by lines of rotating text, which resemble computer screen-savers. The text is sourced from websites offering tips for dating and seducing potential lovers. This work engages with the language of online forums. It reworks text from online advice forums and mixes them with visual codes of computer graphics. By extending on some of Nicolas Bourriaud’s ideas around ‘postproduction’ and the creative and critical strategies of ‘editing’, it offers new speculative perspectives on the relationship between screen realities, desire and romance.

Bang

In this video, a male voice performs a script combining stories sourced from an anonymous confessions website. On screen, imagery of fireworks repeats into increasingly kaleidoscopic patterns. This work engages with the relationship between screen culture and contemporary subjectivity. It contrasts private confessions with the public spectacle of fireworks to question the ways screen cultures are informing constructions of subjectivity. By extending on some of Nicolas Bourriaud’s ideas around ‘postproduction’ and the creative and critical strategies of ‘editing’, it offers a speculative understanding of the contemporary tension between public and private.

Imagining the city : using fiction to explore urban environments

The paper will describe the ongoing project, Imagining the City: Brisbane Short Story Competition. In 2010, as part of a study investigating urban planning and the gentrification of inner city landmarks, QUT researchers developed six personas to help inform the design of city apartments. Rather than view these personas as static, the authors solicited creative responses to promote further development. Submissions of short stories based on one of the persons, and set in Brisbane, were invited from the general public. Successful stories will be published in an online anthology and as an iPhone application. The paper draws on ethnographic fiction theory to answer the question, how can research, specifically persona and use scenario, be transformed into fiction? The authors suggest that such creative responses in the form of fiction may be useful for urban designers.

e. Menura Supurba: Post human dreams of ersatz animals.

This paper discusses human and post-human relationships with nature and animals, using the work e. Menura Superba1 as a focal point. This interactive artwork takes the form of a Lyre bird in a cage, that mimics it’s audience in evocative ways. It is inspired by the historical practice of displaying taxidermy specimens and live species as trophies of travels to distant lands, and as symbols of wealth and status. In both form and intent the work hybridises elements from Enlightenment culture, with materials that conjure associations with dystopic post human futures (wire, post consumer electronic & other waste, as well working parts such as mobile phone screens, LED’s, camera, and cabling etc). Speculative science fiction, such as Phillip K Dick in Do Androids Dream of Electric Sheep? (Blade Runner), provides prescient stories about future (post) human worlds. This novel remains thought provoking as it describes a world that is all to rapidly approaching: where human activity has caused the destruction of most large animal species. In this fictional world, care for animals is not only a civic duty, it is one of the ways humans distinguish themselves from androids. As in Enlightenment times, ownership of animals (real, taxidermies, ersatz) is a form of commodity fetishism indicative of social status. Though whilst well heeled Victorians may have owned an elephant or have been proud of a trophy specimen, the wealthy in Dick’s future must be content with once common, even ersatz, animals such as sheep and owls, and would be repulsed to the core by the notion of killing an animal, even an ersatz animal, for sport. In becoming post human, humans have sought to separate themselves from the natural world, destroying much of it in the process. No technical prothesis will bring back to life the species we have rendered extinct. This (evolving) relationship between humanity and other species, therefore forms a central question in this work, providing a way of approaching the post human, and problematising anthropocentric perspectives. The world promised by post-human technology is indeed rich with possibility, but without corresponding steps to ensure the sustainability of technology (human society), this paper asks whether the richness of that experience will continue to be mirrored by the richness of the environments within which we exist?

Dating of divergences within the Rattus genus phylogeny using whole mitochondrial genomes

The timing and order of divergences within the genus Rattus have, to date, been quite speculative. In order to address these important issues we sequenced six new whole mitochondrial genomes from wild-caught specimens from four species, Rattus exulans, Rattus praetor, Rattus rattus and Rattus tanezumi. The only rat whole mitochondrial genomes available previously were all from Rattus norvegicus specimens. Our phylogenetic and dating analyses place the deepest divergence within Rattus at ∼3.5 million years ago (Mya). This divergence separates the New Guinean endemic R. praetor lineage from the Asian lineages. Within the Asian/Island Southeast Asian clade R. norvegicus diverged earliest at ∼2.9 Mya. R. exulans and the ancestor of the sister species R. rattus and R. tanezumi subsequently diverged at ∼2.2 Mya, with R. rattus and R. tanezumi separating as recently as ∼0.4 Mya. Our results give both a better resolved species divergence order and diversification dates within Rattus than previous studies.

Sourdough & other stories : a story told in parts (a mosaic novel and exegesis)

The mosaic novel - with its independent 'story-tiles' linking together to form a complete narrative - has the potential to act as a reflection on the periodic resurfacing of unconscious memories in the conscious lives of fictional characters. This project is an exploration of the mosaic text as a fictional analogue of involuntary memory. These concepts are investigated as they appear in traditional fairy tales and engaged with in this thesis's creative component, Sourdough and Other Stories (approximately 80,000 words), a mosaic novel comprising sixteen interconnected 'story-tiles'. Traditional fairy tales are non-reflective and conducive to forgetting (i.e. anti-memory); fairy tale characters are frequently portrayed as psychologically two-dimensional, in that there is no examination of the mental and emotional distress caused when children are stolen/ abandoned/ lost and when adults are exiled. Sourdough and Other Stories is a creative examination of, and attempted to remedy, this lack of psychological depth. This creative work is at once something more than a short story collection, and something that is not a traditional novel, but instead a culmination of two modes of writing. It employs the fairy tale form to explore James' 'thorns in the spirit' (1898, p.199) in fiction; the anxiety caused by separation from familial and community groups. The exegesis, A Story Told in Parts - Sourdough and Other Stories is a critical essay (approximately 20,000 words in length), a companion piece to the mosaic novel, which analyses how my research question proceeded from my creative work, and considers the theoretical underpinnings of the creative work and how it enacts the research question: 'Can a writer use the structural possibilities of the mosaic text to create a fictional work that is an analogue of an involuntary memory?' The cumulative effect of the creative and exegetical works should be that of a dialogue between the two components - each text informing the other and providing alternate but complementary lenses with which to view the research question.

The water catchment : fast forward to the past

The Water Catchment: fast forward to the past comprises two parts: a creative piece and an exegesis. The methodology is Creative Practice as Research; a process of critical reflection, where I observe how researching the exegesis, in my case analysing how the social reality of an era in which an author writes affects their writing of the protagonist's journey, and how this in turn shapes how I write the hero's pathway in the creative piece. The genre in which the protagonist's journey is charted and represented is dystopian young adult fiction; hence my creative piece, The Water Catchment, is a novel manuscript for a dystopian young adult fantasy. It is a speculative novel set in a possible future and poses (and answers) the question: What might happen if water becomes the most powerful commodity on earth? There are two communities, called 'worlds' to create a barrier and difference where physical ones are not in evidence. A battle ensues over unfair conditions and access to water. In the end the protagonist, Caitlyn, takes over leadership heralding a new era of co-operation and water management between the two worlds. The exegesis examines how the hero's pathway, the journey towards knowledge and resolution, is best explored in young adult literature through dystopian narratives. I explore how the dystopian worlds of Ursula Le Guin's first and last books of The Earthsea Quartet are foundational, and lay this examination over an analysis of both the hero's pathway within and the social contexts outside of the novels. Dystopian narratives constitute a liberating space for the adolescent protagonist between the reliance on adults in childhood and the world of adults. In young adult literature such narratives provide fertile ground to explore those aspects informing an adolescent's future.

The politics and poetics of coexistence : experiments at the intersection of art and environmental engineering

This research project explores how interdisciplinary art practices can provide ways for questioning and envisaging alternative modes of coexistence between humans and the non-humans who together, make up the environment. As a practiceled project, it combines a body of creative work (50%) and this exegesis (50%). My interdisciplinary artistic practice appropriates methods and processes from science and engineering and merges them into artistic contexts for critical and poetic ends. By blending pseudo-scientific experimentation with creative strategies like visual fiction, humour, absurd public performance and scripted audience participation, my work engages with a range of debates around ecology. This exegesis details the interplay between critical theory relating to these debates, the work of other creative practitioners and my own evolving artistic practice. Through utilising methods and processes drawn from my prior career in water engineering, I present an interdisciplinary synthesis that seeks to promote improved understandings of the causes and consequences of our ecological actions and inactions.