bluuebunny/crossref_metadata_2025 huggingface dataset:
Why do institutions matter? Global competitiveness and the politics of policies in Latin America
Authors: Charnock Greig
Published: January 2010

This paper subjects to critique the ‘new institutionalism’ in development policy literature. It highlights the way ‘second generation’ institutional reform processes in the Latin American region are to be engineered through a politics of global competitiveness while their success is to be gauged, first and foremost, in capital-functional terms. The paper culminates in the focused critique of an Inter-American Bank flagship report, The Politics of Policies, which demonstrates the new institutionalism's prejudice against any form of political leadership that does not seek to guarantee a competitive investment climate as well as an uncompromising commitment to a politics of global competitiveness.

Over the past decade, a broad consensus has emerged that ‘institutions matter’. (Fukuyama, 2007: xv)
Trade unions, civil society organisations and health reforms
Authors: Lethbridge Jane
Published: January 2010

This article provides an analysis of resistance to neoliberalism and commodification in the public healthcare sector as seen from a trade union perspective. It uses recent research on social-movement unionism and new labour internationalism to structure a series of case studies examining resistance to different dimensions of healthcare commodification in four countries. The range of alliances trade unions are making do not fit tidily into one model, but give insights into the movement elements of trade unionism. This dimension must be strengthened, but can also be in tension with collective bargaining and other institutional processes. How to constantly reconcile these different positions is the future challenge facing trade unions.
Industrialisation, women and working class politics in the west of Ireland
Authors: Harris Lorelei
Published: January 2010

A mass entry of women into industry has been the result of state-sponsored industrialization in Ireland. This study of women at work in multinational enterprises in Co. Mayo examines the implications for trade unionism. It is argued that while women have weakened the possibilities for trade union militancy in the private sector, the increased female presence in the labour force will have a positive long term effect on working class politics in the Republic, since women now have a voice outside the home.
Restructuring in west European industry
Authors: Grahl John
Published: January 2010

The general notion of ‘restructuring’ in capitalist crises is often put forward by Marxists. But what changes in structure actually take place? How rapid are they? And in what circumstances can they prepare the way for renewed economic expansion? Taking the example of West European industry this article looks at some recent views of the restructuring process and surveys some of the economic trends which are important for the overall pattern of change.
The decline and fall of Michael Manley: Jamaica 1972-1980
Authors: James Winston
Published: January 2010

This article deals with the eight years' and eight months' rule of the Manley regime in Jamaica. It analyses the nature of the regime and focusses on its internal contradictions. Its main argument is that the collapse of the PNP government in 1980 is best explained not by external interference but by its internal contradictions. Like other social-democratic regimes, it aspired to achieve equality while maintaining private property. In Jamaica this was exacerbated by rhetorical promises far in excess of political action.
The dialectic of capital: a Japanese contribution
Authors: Albritton Robert R
Published: January 2010

This paper suggests that European Marxists should take account of the contributions of Japanese economists, Uno and Sekine. Their restatement of the Law of Value, which rests on explicit recognition of three levels of analysis, is described, and is shown to allow new insights on the transformation problem and the generation of crises.
Recent events in South Africa
Authors: Adelman
Published: January 2010

Adelman looks at recent events in South Africa and at the seemingly intractable nature of the problems for the state, unable to restore stability either through repression or reform. He concludes that at the present time the state is on the defensive, and that the battle for South Africa will be increasingly bloody.
Labour migration, racism and capital accumulation in western Europe since 1945: an overview.
Authors: Miles Robert
Published: January 2010

The complex relationship between labour migration and capital accumulation within Western Europe has started to receive attention and generate debate only in recent years. But with this development, analysis of specific societies and migrant groups has extended ahead of the comparative experience of labour migration. This paper is concerned with the post-war political economy of migrant labour in Western Europe, and gives particular attention to the role of the state, the production crisis and the crisis management since the mid-1970s. Functionalist and economistic explanations of labour migration are rejected. Instead, a dialectical analysis is offered which takes fully into account the contradictory forms of the management and political control of migrant labour. In conclusion, some consideration is given to the growth of ‘anti-foreigner’ and racist forms of political action.
Debate on capitalism and development: The theories of Samir Amin and Bill Warren
Authors: Gülap Haldun
Published: January 2010

Disputes, in recent years, over the significance of capitalist development in the Third World have ranged between those holding to the dependency theories of Frank and Amin and the proponents of the argument, associated with Warren, that capitalism provides the dynamic thrust of development. This dispute has often been referred to as the dialogue of the deaf because different meanings have been attached to the idea of development. Haldun Gülalp, however, argues here that the ideal of development is common to both schools and that developmentalism has subsumed Marxist analyses of class and change in the world division of labour. He shows why capitalism has been conflated with imperialism, in the case of Warren, and why socialism, for Amin, is nothing other than some ideal model of auto-centric capitalism.
Flexible specialisation in the ‘Third Italy’
Authors: Murray Fergus
Published: January 2010

Connecting with earlier debates in Capital & Class, this article criticises the model of flexible specialisation, popularised by Sabel, Piore and others. Drawing upon his own extensive research in the Emelia-Romagna district of Italy, Fergus Murray rejects the view that workers stand to benefit, materially and politically, from new flexible labour processes. The paper briefly considers the implications for alternative strategies of economic restructuring.
Reformulation of state theory
Authors: Bonefield Werner
Published: January 2010

After a period of relative neglect, state theory is once more at the centre of debate within Marxism. New theoretical currents from Germany provide the focus of this article by Werner Bonefeld. Concentrating on the work of Hirsch, Esser and Roth, he examines their attempts to reformulate state theory, their use of ‘intermediate’ categories, and the political implications of their approach. The author argues that there is a need for a less functionalist and determinist analysis of current social and political transformations.
Dismantling flexibility
Authors: Pollert Anna
Published: January 2010

Two distinct ideas — that the labour force is becoming more flexible and that flexible specialisation offers a new means for capital to exert control — are critically evaluated. The evidence for both fashionable theses is found to be wanting; their increasing acceptability is linked to a retreat from class politics and from a confrontation of inequalities of race and sex. Indeed they herald a new form of imperialism.
The high yen crisis in Japan
Authors: Steven Rod
Published: January 2010

This paper argues that the poor organisation of the working class in Japan has contributed to an accumulation model characterised by high growth and profit, and which relies on an expanding set of overseas markets to compensate for the relatively impoverished domestic market. The rise in the value of the yen has precipitated a crisis in this accumulation model. The strategies for recreating the conditions for accumulation are discussed and related to the balance of class forces in Japan.
Overaccumulation, class struggle and the regulation approach
Authors: Clarke Simon
Published: January 2010

This timely article builds on the recent discussion of French regulation theory in Capital & Class. Aglietta's seminal work is subject to careful critical scrutiny and is shown to have major historical and theoretical limitations. The author calls for a non-structuralist/functionalist analysis of the present crisis.
The reality of workplace flexibility
Authors: Tomaney John
Published: January 2010

Evidence from Japan, West Germany and the UK shows that there is no generalisable trend toward technology driven flexible craft work. Insofar as it exists, workplace flexibility does not guarantee the benefits for labour implied by some of its proponents. Rather flexibility strategies have been used to weaken worker constraints on management prerogatives and to intensify work.
Class Beyond the Nation-State
Authors: Ruccio David , Resnick Stephen , Wolff Richard
Published: January 2010

Foreign exploitation has been a recurrent theme in radical analyses of centre periphery relations. We suggest a new, class-analytical way to analyse the relations between centre and periphery which involves specifying concepts of class (including the space and time dimensions of class processes) and, especially, foreign exploitation different from those that exist in current radical literature. We also discuss the potential role of this type of class analysis for policy debates and social struggles in the Third World.
Global Regulation vs. the Nation-State: Agro-Food Systems and the New Politics of Capital
Authors: McMichael Philip , Myhre David
Published: January 2010

The current global restructuring of capitalism is eroding national economic regulation and leading to the emergence of a ‘transnational state’. This is illustrated by transformations in the agro-food sector.
Crisis and Restructuring in Greek Small Scale Industry: a case of Flexible Specialisation?
Authors: Lyberaki Antigone
Published: January 2010

Based on research into small-scale industry in Greece, Lyberaki argues that the introduction of ‘flexibility’ has been primarily defensive and is by itself incapable of generating dynamic growth. The author concludes that only a coordinated industrial policy would enable these sectors to transcend their endemic weaknesses.
Some Comments on ‘Capital in General and the Structure of Marx's Capital’
Authors: Burkett Paul
Published: January 2010

Burkett provides a dialectical reading of the structure of Marx's Capital and criticises Heinrich's claim that the distinction between ‘Capital in general’ and ‘many capitals' broke down. Burkett further argues that his preferred reading provides a more satisfactory account of Marx's method and purpose in Capital.
Housing policy in transition: from the post-war settlement towards a ‘Thatcherite’ hegemony
Authors: Hay Colin
Published: January 2010

This article uses the changes in housing policy in postwar Britain as a case study upon which to build a new perspective on the debate about Thatcherism and the strategy of the New Right. It is based on a critical reconceptualisation of Gramsci's notion of ‘hegemony’ capable of reconciling ‘macro’-level hegemonic shifts and ‘micro’-level changes in subjectivity within civil society.
Global Capital and the National State
Authors: Holloway John
Published: January 2010

This article argues that national state development can be understood only in relation to the development of global capital and that the key to the recent changes in capitalist states is a radical change in the mobility of capital, a manifestation of the crisis of capitalist social relations
Against Critical Realism
Authors: Magill Kevin
Published: January 2010

It has been claimed that the ontological theories of Roy Bhaskar can provide guiding principles for social scientists, which can help steer them through errors and misconceptions. This article argues that neither Bhaskar's ‘critical realism’ nor any overarching philosophical ontology, can provide workable guiding principles for social scientific research, and that such principles are unnecessary.
Drug Economics: A Fordist Model of Criminal Capital?
Authors: Ruggiero Vincenzo
Published: January 2010

The author suggests that there has been a reorganisation of the structure of criminal business. This features a greater concentration of power to those who act as wholesalers and importers from those who distribute drugs. This division of labour is gendered and racially structured reflecting the legal job market.
Disadvantage and New Prosperity in Restructured Belfast
Authors: Cebulla Andreas , Smyth Jim
Published: January 2010

Structural changes in the global economy have had far reaching effects on the class structure and spatial configuration of cities. Although most cities have been effected in a broadly similar fashion, each specific city displays distinctive local characteristics. Differing modalities of state policy interact with global processes and local realities. This article looks at the effects of these processes on Belfast and argues that the traditional class and spatial configuration of both nationalism and unionism, and the interaction between them, has undergone significant changes in the last two decades.
The New Revolution in Economics
Authors: Fine Ben
Published: January 2010

In this section, Capital & Class carries contributions which address contemporary themes of concern to the left. It is our intention that contributions provoke controversy, challenge taken-for-granted assumptions and raise themes and issues of concern to readers of Capital & Class in an unusual manner.
The Dynamics of Class Politics and National Economies in Globalisation: The Marginalisation of the Unacceptable
Authors: Moran Jonathan
Published: January 2010

Globalisation literature neglects domestic class politics and the national economy as important variables. Although the importance of nation-states is accepted they are viewed with the assumption that the global economy is the determining factor in state policies. However class conflict or class alliances involving the state, national capital and the organised working class are vital in explaining the timing and process of globalisation, and national economies remain the most important spaces in the global economy. The global economy must be understood as always displaying an international and national element.
The Third Way and the Jammed Economy
Authors: Froud Julie , Haslam Colin , Johal Sukhdev , Leaver Adam , Williams John , Williams Karel
Published: January 2010

LIKE PLANNING IN THE 1930s or New Liberalism in the 1910s, ‘The Third Way’ is now being offered as a new political problematic with the potential to reconstruct problems and define new solutions which previously eluded Labour and old social democracy. In response, this polemic questions the Third Way's analysis and policy prescriptions in the area of the economy. The first section presents an analysis of how the economy is represented and conceptualised in Blair's Fabian Society pamphlet and Giddens’ recent book, both titled ‘The Third Way’. Although there are clear differences between Blair's and Gidden's vision of the Third Way and how to get there, for the purposes of our interest in economic management the overlap is sufficient to consider them together. The first section of the paper concludes with a consideration of the practice of Blair's New Labour Government in the crucial area of economic management before, in the second section, presenting an alternative conception of our economic problems.
Euromarch— The Struggle for a Social Europe
Authors: Mathers Andy
Published: January 2010

COLOGNE WILL PLAY HOST this summer to the summits of both the European Union and the G8. For 3 weeks Cologne will be the centre of attention as world leaders meet to plan the next stage of their neo-liberal strategy and their opponents demonstrate resistance to these policies and themselves meet to develop alternatives to combat the increasing divide between rich and poor, between powerful and powerless. This resistance is increasingly manifest at local, regional and global levels and organisations are developing which express these tendencies. One such organisation is the pan-European Euromarch campaign against unemployment, job insecurity and social exclusion and this article aims to document its emergence and development and to begin to analyse its significance and potential.
The Absence of Class Politics in Northern Ireland
Authors: Coulter Colin
Published: January 2010

These are scarcely auspicious times for the left. An unfortunate confluence of recent social and political trends has conspired to question seriously the value of materialist interpretations of the world. The reconstruction of western societies out of the debris of the economic crises of the nineteen seventies has led to the emergence of increasingly intricate class hierarchies. Changed work practices and accelerated consumption have both served to blur the boundaries between previously distinct social strata. The increasingly complex and dynamic nature of contemporary bourgeois society has invited predictable and indeed opportunistic responses from neoliberal critics. Most famously the political scientist Francis Fukuyama (1989, 1992) has declared that we are living through the end of history. The unprecedented material wealth and optimal political freedom that global capitalism has allegedly afforded humanity have ensured, Fukuyama insists, that the notion of social class has effectively ceased to have real meaning.
The Information Content of Losses: Shareholder Liquidation Option and Earnings Reversals
Authors: Sin Samantha , Watts Edward
Published: January 2010

Using Australian data this paper investigates the information content of losses. We are motivated by the possibility that losses and profits have different associations with share returns because losses are not expected to be permanent. Consistent with the evidence in Hayn (1995), our findings show that share returns do have a lower association with losses. In particular, we extend Hayn (1995) and focus on losses made by financially healthy firms where we provide an explanation for the low ERC for these losses. We are able to find supporting evidence that the low ERC is due to shareholders' expectations of earnings reversals, thus providing further insight into the relationship between returns and losses.
Underpricing of Privatised IPOs: The Australian Experience
Authors: Gong Ning , Shekhar Chander
Published: January 2010

We investigate the price performance of initial public offerings (IPOs) of formerly state-owned companies in Australia. On average, privatised IPOs in Australia are underpriced by about 11%, which is not significantly different from the magnitude of underpricing of the privately-owned IPOs and that of privatised share offerings in other OECD countries. While it appears that the magnitude of underpricing is correlated with the size of issues and the party affiliation of the presiding government, cross-sectional analysis of our sample does not support some traditional theoretical explanations of underpricing for privatised IPOs—only the market sentiment prior to the listing is identified as a significant factor in determining the degree of underpricing. We also investigate the impact of a two-tiered pricing structure on the performance of IPOs.
The Performance of Active Australian Bond Funds
Authors: Gallagher David R. , Jarnecic Elvis
Published: January 2010

This paper examines the investment performance of active Australian bond funds and the impact of investor fund flows on portfolio returns. Security selection and market timing performance are evaluated using both unconditional models and conditional-performance evaluation techniques that account for public information and the time variation in risk. Overall, the results of this paper are consistent with the US and international evidence, documenting that performance is consistent with an efficient market. While actively managed institutional funds perform broadly in line with the index before expenses, the paper documents significant underperformance for retail Australian bond funds after fees. The study also documents that retail fund flows negatively impact on market timing coefficients.
Workplace Relations: Past, Present and Future
Authors: Frenkel Stephen
Published: January 2010

This paper briefly describes and explains a research trajectory that spans 25 years and provides some pointers for future research. Three sets of studies are addressed and organised thematically. The theme of the first research program is industrial conflict and accommodation, and the settings include strike-prone industries in Britain and Australia in the decade, 1973–83. The second set of studies addresses the theme of globalisation and the impact of multinational corporations on workplace relations. Relevant settings include countries in Africa, Europe and especially Asia in the period, 1994–2002. The third research program has the informational economy as its theme. This includes an emphasis on computer technology, services and knowledge work. The research focus is on workplace relations in customer-contact service firms, and in new industries such as biotechnology and software development that are particularly dependent on innovation.
Further Evidence on the Corporate Use of Derivatives in Australia: The Case of Foreign Currency and Interest Rate Instruments
Authors: Nguyen Hoa , Faff Robert
Published: January 2010

In a recent issue of this journal Nguyen and Faff (2002) reported on an empirical exploration of the motives behind the aggregate use of financial derivatives by Australian companies. Employing the same sample of firms, the current paper extends their analysis to investigate similar issues, this time focussing separately on foreign currency and interest rate derivatives. At a specific level, our results reveal the following. A firm is more likely to use foreign currency derivatives if it is large and has more debt in its capital structure. Interest rate derivatives, on the other hand, are more likely to be used if a firm is larger, more levered, more liquid and pays higher dividends. These results are consistent with existing hedging theories. Market to book value (proxying growth opportunities), however, portrays an inconsistent relationship with the likelihood of interest rate derivative usage. When it comes to the extent of usage, a firm uses foreign currency derivatives more extensively if it is smaller, pays higher dividends and has more debt. Similarly, interest rate derivatives are used more extensively to address a high level of debt and a high dividend payout policy. At a general level, the current study confirms the core finding of Nguyen and Faff (2002), namely, that Australian companies use derivatives with a view to value maximisation.
Australian Managed Fund Ratings and Individual Investors
Authors: Gerrans Paul
Published: January 2010

This paper examines the use and understanding of managed fund ratings in Australia. A survey of individual retail investors suggests information source and selection criteria constructs are more useful in explaining the role of ratings than an approach based solely on expectations of return and risk. There does not appear to be discrimination in the use of rating providers by investors. Reliance on a particular rating is not significantly related to what investors consider the purpose of the rating to be, or the importance they place on rating inputs. Competing rating providers have more explaining to do.
Do Shareholders Really Prefer Risky Projects?
Authors: Gong Ning
Published: January 2010

It is often argued that managers representing shareholders' interests tend to undertake risky projects because equity resembles a call option on a firm's assets. However, this conclusion is not generally true when bankruptcy risk is explicitly modelled. This paper compares the relative strength of the agency cost and the bankruptcy risk in determining managerial choice of cash-flow volatility in a continuous-time framework. Assume the existing debt has covenants which preclude additional borrowing and that bankruptcy is triggered when the cash balance hits zero, I show that for low levels of debt, shareholders prefer to minimize cash-flow volatility I also work out the critical face value of the debt above which shareholders are risk-seeking rather than risk-avoiding In short, bankruptcy costs being borne by equity mitigates shareholders' desire for risk.
Top Management Turnover: An Analysis of Active Australian Investment Managers
Authors: Gallagher David R. , Nadarajah Prashanthi
Published: January 2010

This study examines the relationship between top management turnover (i.e. investment directors) and investment performance for actively managed Australian funds. This issue is significant given the importance of executive management in the implementation of the institution's investment strategy, the sizeable assets under their control, as well as the overall success and profitability of the funds management operation. In addition, investors, asset consultants, managed-fund ratings agencies and the financial media devote significant resources to the scrutiny of performance, the organisational activities, leadership and human capital of investment management firms. Accordingly, this study examines the impact of performance and fund-flow activity on top management turnover in both the pre-and-post replacement period. The research documents that turnover of underperforming investment managers results in significantly higher performance in the post-replacement period, while turnover coinciding with outperforming managers delivers investors significantly lower returns. The evidence also identifies significant changes in portfolio risk associated with managerial turnover. Finally, this research documents that underperforming investment managers exhibit significantly lower fund flows prior to replacement.
A Measure of Attitudes Towards Flexible Work Options
Authors: Albion Majella J.
Published: January 2010

A short questionnaire, the Flexible Work Options Questionnaire (FWOQ), was developed to measure workers' attitudes to the use of flexible work options (FWOs) such as flexible hours and part-time work. The questionnaire was used with two groups of employees, 344 public service personnel, and 212 non-academic staff from a regional university. In Study 1, the FWOQ was shown to have moderate reliability and to consist of two factors: I, Work/family Balance, and II, Barriers. The Barriers factor did not emerge as a single factor in Study 2. Work/family Balance issues were stronger predictors of the use of FWOs than Barriers. These results were explained in terms of compromises that parents make in order to achieve family/work balance. Further development was suggested to refine the Barriers subscales and to investigate gender differences.
Bayesian Estimation of Short-Rate Models
Authors: Gray Philip
Published: January 2010

Estimating continuous-time short-rate models is challenging since the likelihood function for most popular models is unknown. While approximate likelihood functions are often used, this practice induces bias into the estimation process. This paper explores a Bayesian method of estimating short-rate models. While the approach also employs an approximate likelihood data augmentation is utilised to mitigate discretisation bias. The results suggest that Bayesian estimates of posterior densities for model parameters closely resemble true posterior densities. While nonessential for point estimation, a small degree of data augmentation is useful in recovering accurate posterior densities and reducing the bias in estimates of bond price. These findings are encouraging for the many cases where exact likelihood-based estimation is impossible and approximations must be relied upon.
A Variable-Rate Loan-Prepayment Model for Australian Mortgages
Authors: Daniel John
Published: January 2010

This paper is an investigation of Australian mortgage-loan prepayment from a modelling perspective. A prepayment model for loans of mortgage-backed securities is developed specifically for the Australian mortgage market, and then empirically tested using (Reuters) Australian mortgage-backed security data. The model has origins in the variable-rate loan-prepayment models of the U.S., but is designed and developed to take into account the Australian mortgage-market structure. The model proves very successful when tested empirically, and is able to explain the partial-prepayment features of the Australian market as well as full prepayments.
Does Disclosure Quality via Investor Relations Affect Information Asymmetry?
Authors: Chang Millicent , D'Anna Gino , Watson Iain , Wee Marvin
Published: January 2010

High disclosure quality can be achieved through an effective investor-relations program and results in firm benefits such as enhanced market exposure, increased analyst coverage and institutional following. We examine the association between disclosure quality and information asymmetry where a checklist was used to evaluate a firm's Internet-based investor-relations practices. Firms with higher disclosure quality through their investor-relations activities have higher analyst following, more institutional shareholders, more active trading, and are larger in terms of market capitalisation. Bid-ask spread decreased with increased disclosure quality, although the effect of investor relations was weaker in the presence of other factors.
Tax Effects on the Pricing of Australian Stock Index Futures
Authors: Cummings James Richard , Frino Alex
Published: January 2010

This paper estimates the impact of the debt tax shield, cash dividends and imputation tax credits on the prices of Australian stock index futures. Relative to futures payoffs, the cost of financing the set of shares of the underlying index provides a mild tax shield, cash dividends are incompletely valued and imputation credits are worth at least fifty percent of their face value. The values that investors place on cash dividends and tax credits implied by index futures prices are close to those estimated in ex-dividend-date stock-price drop-off studies of the Australian share market.
The Green Paper on Policies for Manufacturing Industry: A Review
Authors: Gregory R. G.
Published: January 2010

The Manufacturing Green Paper calls for greater consultation, participatory decision making at all levels in the community and increased government intervention in the economy. A “deepseated and long-standing malaise” in the manufacturing sector is seen. Lower tariffs, more use of direct subsidies, and the formation of industry councils are recommended. The reviewer argues the Green Paper does not give enough attention to an economic analysis of key issues and that it neglects the implications of the interrelatedness between manufacturing and other sectors of the economy.
Price-Cost Margins in Australian Manufacturing Industries, 1971-72
Authors: Round D. K.
Published: January 2010

Average price-cost margins are calculated for 34 Australian manufacturing industries. Multiple regression analysis is employed to determine a relationship between price-cost margins and several variables, including concentration, risk, plant size, industry growth, the nature of the industry's product, and the geographic markets served by the industry. A brief comparison is made between the results for Australia and those found in other countries. Given the data available and the multicollinearity of the variables, it is difficult to see how this study, and the overseas studies, can draw reliable conclusions on the determinants of price-cost margins.
Option Valuation: Some Empirical Results
Authors: Chiarella Carl , Hughes Warren R.
Published: January 2010

The Black and Scholes option pricing formula is shown to be a good approximation for valuing options when stock returns are assumed to follow a poisson driven lognormal jump process posited by Merton. Empirical results are given for options on Australian and U.S. stocks.
Job Satisfaction and the Organization's Internal Structure
Authors: Knowles Michael C. , Knowles Ann D.
Published: January 2010

When the levels of job satisfaction on ten job aspects were assessed in fourteen sections in which the employees were doing light repetitive work, wide and consistent differences were found in the levels of satisfaction among the sections. This effect was most pronounced in one group of sections which was characterised by generally favourable attitudes on these job aspects, and in another group of sections which had unfavourable attitudes regarding the same job aspects. This inter-relation meant that different components of satisfaction could largely be accounted for by a single factor embracing the internal or social structure of the sections in which the employees worked. These findings pointed to the presence of factors unrelated to job or formal structure which determine satisfaction at work.
The Tradeoff Between Improved Monetary Control and Market Interest Rate Variability in Australia
Authors: Sharpe Ian G. , Volker Paul A.
Published: January 2010

Linear quadratic optimal control techniques are applied to a simplified reduced form model of the Australian money market to examine the tradeoff between improved monetary control and interest rate variability. We focus on a series of questions. Is quarterly control of the money supply feasible in Australia? Is the tradeoff different for M1 than for M3? Does the setting of dual monetary targets worsen the tradeoff? Is the tradeoff different for open market operations than for changes in reserve requirements? Can the tradeoff be improved by the joint manipulation of reserve requirements and open market operations?
Group Size and Performance: Prediction of Failure by Loan Officers
Authors: Trotman K. T. , Yetton P. W. , Zimmer I
Published: January 2010

This paper begins by replicating the Libby and Blashfield (1978) experiment for the business failure task. The investigation is then extended to consider a non–unit weighted decision scheme modelling differential task expertise among group members. In this case, the results of the study suggest that the use of groups with more than three members can be justified.
Incentive and Tax Effects of Executive Compensation Plans
Authors: Smith Clifford W. , Watts Ross L.
Published: January 2010

The ability of two (non-mutually exclusive) potential explanations for executive compensation plans is examined. One is that the plans reduce the combined tax liability of the corporation and its managers. The other is that the plans encourage the managers to maximize the value of the firm. It is found that the tax effect can explain some of the popularity of compensation plans, some of the variation in their use across firms, and the timing of changes in the provisions of the plans. However, there are variations in the cross-sectional use of the plans which cannot be explained by taxes, which can be explained by incentive effects.
Some Unanswered Questions about Goal Effects: A Recommended Change in Research Methods
Authors: Wood Robert E. , Bailey Trevor C.
Published: January 2010

Goal setting has been described to managers as a “motivational technique that works” (Locke and Latham, 1984), despite a lack of theoretical explanations in the organisational behaviour literature about why, how or when it works. Recent advances have been made in the development of goal effects theory which attempt to deal with these issues (e.g. Locke et al., 1981; Naylor and Ilgen, 1984). This paper complements those theoretical developments through a discussion of how existing laboratory and field studies have tended to overlook learning, task and chronic effects in the study of goal effects. The pros and cons of using a research game for the study of goal effects are discussed and a research game which has been developed to study goal, feedback and task effects on individual performance is described.
Some Further Evidence on the Effects of Budget Use and Budget Participation on Managerial Perfor Mance
Authors: Hirst Mark K.
Published: January 2010

In contrast with Brownell (1982), this study shows that the interaction between budget participation and budget emphasis has no effect on overall job perfor Mance. Two alternative ways of reconciling the inconsistent results are discussed. Subjects are 44 managers; and the data are collected using a questionnaire survey.
Accounting Rates of Return as Measures of Post-Merger Perfor Mance
Authors: Stanton Patricia
Published: January 2010

Accounting rates of return are used widely in empirical studies to assess postmerger perfor Mance and to compare this perfor Mance with that of non-merged firms. This paper suggests that there are many problems involved. In particular, accounting rates of return are unreliable measures of post-merger perfor Mance, and introduce bias into the results of post-merger perfor Mance studies.
Product Rotations and the Economics of an Adaption-Flexible Manufacturing System
Authors: Clarke Harry R.
Published: January 2010

A conceptual model for choosing between flexible and conventional production systems on the basis of their “adaption-flexibility” properties is presented. Even though it is economic to “retool” more frequently with this type of flexibility, aggregate discounted retooling costs are shown to fall when flexible technologies replace conventional technologies. Thus, the major factor mitigating against the newer technologies is their higher set-up costs.
Put Call Parity: An Extension of Boundary Conditions
Authors: Gray Stephen F.
Published: January 2010

In this paper, the boundary conditions for put-call parity are extended to take into account the potential rational early exercise of an option and the possibility that dividends and capitalisation changes will differ from expectations. A series of statistical tests provide the basis for a conclusion in favour of put-call parity and the hypothesised risk-return relationships in the Australian exchange traded options market over the sample period.
Quality Management and Productivity—A Preliminary Study
Authors: Fisher T. J.
Published: January 2010

This study involved a preliminary investigation of three medium-sized Australian companies which are implementing quality management in some for M, in order to identify quality and productivity improvements, and profitability changes, which could be directly attributed to the implementation of such approaches. The results of this investigation suggest that, for these companies, the quality and productivity improvements were marginal, and that the direct impact of quality management on profitability, at least in the short term, was very minor relative to the effects of other factors such as tighter financial control, product rationalisation, fluctuations in the economy, etc. However, the companies involved were all enthusiastic about quality management, and it is suggested that this approach is effectively building teams and improving the organisational climate in these organisations, and so setting the scene for improved longer-term profitability and growth. It is also suggested that there may be a link between quality management approaches and Management by Objectives techniques. These ideas warrant further research, which may lead to more effective implementation of quality management and more direct impact on organisations' perfor Mances.
Audit Firm Lobbying on Proposed Disclosure Requirements
Authors: Deegan Craig , Morris Richard , Stokes Donald
Published: January 2010

This study investigates incentives of audit firms to lobby on proposed disclosure requirements. The results are consistent with the proposition that higher expected costs of non-compliance with statutory disclosure requirements compared to professional standards provide less incentives for audit firms to lobby in favour of increased statutory disclosure requirements and more incentives to lobby in favour of increased professional disclosure requirements. Their lobbying in favour on either source of proposed disclosure requirements is not associated with increasing size of the audit firm, the amount of new auditing to be generated by the disclosure requirements or by whether they are specialised in the proposed requirements.
The Determinants of the Capital Structure of Listed Australian Companies: The Financial Manager's Perspective
Authors: Allen D. E.
Published: January 2010

This paper reports the results of an investigation of financial managers' perceptions of the broad determinants of listed Australian company capital structure decisions. The research method involves a series of field interviews undertaken with the company secretaries and senior financial personnel of 48 listed Australian companies. The results are consistent with Donaldson's previously reported American findings, in that companies appear to follow a pecking order with respect to funding sources and also report policies of maintaining spare debt capacity.
Intra-Week Regularities in Security Returns: Further Australian Evidence
Authors: Finn Frank J. , Lynch Anthony , Moore Simon
Published: January 2010

This paper provides further evidence on short-term seasonals in returns on equity and fixed interest securities and futures on fixed interest securities in the Australian market. The significant result is that daily seasonals are found infixed interest securities and are qualitatively the same as for equity returns, high Thursday and low Tuesday returns. But the interest rate seasonal does not appear to explain the equity seasonal. Further, while no seasonal was evident in returns on futures on fixed interest securities, the futures market showed a seasonal in daily variances of returns.
What Price Prohibition? An Estimate of the Costs of Australian Drug Policy
Authors: Marks Robert E.
Published: January 2010

The prohibition against Australians using illicit drugs is ineffective, but still imposes a high burden on government revenues and indirectly contributes (because of its ineffectiveness) to additional costs paid by Australian households. These are the claims of those who argue for a change in policy in Australia towards illicit drugs and their use. How much does present policy cost the Australian taxpayer? To what extent does the ineffectiveness of the law in preventing illicit drug use indirectly add to costs paid by Australian households? We argue that the Cleeland Report underestimates the true costs of the law enforcement against illicit drug use by a factor of at least two. We argue that a large proportion of these costs would be eliminated if the drugs were made available, at cost, to regulated drug users. We estimate a total annual cost to Australia of $776 million, as well as forced transfers of $656 million (in 1987–88).
Job Sharing: Evidence from New Zealand
Authors: Hall Elizabeth M.
Published: January 2010

Results of a survey undertaken in Dunedin (a university city of approximately 96,000 people in the South Island of New Zealand) provide two interesting insights regarding the implementation of job sharing in the surveyed organisations: first, that the majority of job-share positions are employer-initiated; and second, that there is a preponderance of newly established job-share positions. These findings depart from the established international pattern. Possible explanations are considered.
Matching Managers to Strategy: An Investigation of Perfor Mance Implications and Boundary Conditions
Authors: Thomas Anisya S. , Ramaswamy Kannan
Published: January 2010

This paper explores a series of relationships between top managers, strategic direction and financial perfor Mance. Building on previous studies, it was hypothesised that: (a) firms pursuing different strategies would be led by managers with different profiles; and, (b) firms which aligned the profiles of their top managers with the requirements of their strategies would outperfor M those that did not achieve such alignment. Further the importance of the strategy-manager alignment under various environmental and organisational constraints was also investigated. The results of the empirical examination of a sample of U.S. companies from three industries suggest that matching managers to strategy is a significant component of superior perfor Mance.
Corporate Diversification and Perfor Mance: An Investigation of Causality
Authors: Hall Ernest H.
Published: January 2010

The relationship between corporate diversification and organisation perfor Mance has been widely studied in the strategy literature (Christensen and Montgomery 1981; Lubatkin and Rogers 1989; Rumelt 1974, 1982). Although not universally accepted, the general prescription given to firms is that related diversification will lead to superior levels of perfor Mance while unrelated diversification will recognise inferior levels of perfor Mance (Rumelt 1974, 1982). But the issue of causality has not received very much attention (Grant, Jammine and Thomas 1988). The present study will address several questions: What is the effect of a firm's previous perfor Mance on its future diversification? Does diversification determine perfor Mance or does perfor Mance determine diversification? Results suggest that, regardless of strategic type, high levels of profitability may be necessary, but not sufficient requirements for diversification. Likewise, it was found that in certain situations, superior perfor Mance may serve as a substitute for diversification.
A Note on Industry Concentration and Trade Perfor Mance: New Zealand Manufacturing 1985–1995
Authors: Hamilton R. T.
Published: January 2010

This paper reports on the international trade perfor Mance of New Zealand manufacturing industries over 1985–1995, a period during which substantial trade liberalisation came into effect. Some industries did much better than others in terms of export growth and/or import substitution, and this variation is related to industry concentration. While very high levels of industry concentration may once have been necessary for enhanced trade perfor Mance, the analysis presented in this paper suggests that this may no longer be the case.
Competitive Disadvantage and Discretionary Disclosure in Industries
Authors: Clinch Greg , Verrecchia Robert E.
Published: January 2010

We explore how competitive disadvantage affects firms' incentives to disclose or withhold infor Mation of common interest to competing firms within a Cournot duopoly. We establish the existence of a unique disclosure equilibrium to the problem of firms disclosing private infor Mation about aggregate demand, and show that firms choose to withhold infor Mation of either very high or very low demand. We also show that both the size of the disclosure interval and ex ante probability of disclosure decreases as the intensity of competition between firms increases.
World, Regional and Political Risk Influences Upon Asia Pacific Equity Market Returns
Authors: Heaney Richard , Hooper Vince
Published: January 2010

This paper focuses on the explanatory power of world influences, regional effects and political risk indices on the equity market returns for a selection of Asia Pacific countries. The results support the notion that emerging equity market returns are driven by both regional and global factors. Political risk indices provide little explanatory power over returns. It is discovered that ‘Regionalism’ is a strong influence upon the markets located within ASEAN, and is priced accordingly. Countries whose equity markets are considered to be more open exhibit greater covariability with the world market portfolio. Financial risk indices provide some explanatory power over volatility for roughly half of the sample. The results suggest that emerging market returns may be captured more effectively by multi‐index models that incorporate a regional factor and that political risk indices may help in explaining market volatility.