Wieder, B 1995, 'Die Erlösrechnung - ein Beitrag zur Weiterentwicklung der Deckungsbeitragsrechnung' in SEICHT Gerhard (ed), Jahrbuch für Controlling und Rechnungswensen '95, Orac, Vienna, Austria, pp. 223-258.
View description>>
Revenue Accounting - An Approach for Improved Contribution Costing
Arthur, N & Taylor, S 1995, 'Takeover Markets and Corporate Board Composition: Some further evidence', Corporate Governance: An International Review, vol. 3, no. 4, pp. 218-229.
View/Download from: Publisher's site
View description>>
There is evidence that corporate boards monitor and discipline managerial behaviour, a view also taken of an active market for corporate control. We investigate the extent to which board composition reflects restrictions on corporate control transactions, an outcome consistent with substitution between corporate governance mechanisms. In contrast to prior research, our results show that corporate boards are larger, and comprise a relatively higher proportion of outside directors when the firm is incorporated in a state with relatively restrictive takeover legislation. We interpret these findings as indicative of potential substitution among corporate governance mechanisms, an outcome often overlooked by advocates of “compulsory” board structures.
Bugeja, M & Walter, T 1995, 'AN EMPIRICAL ANALYSIS OF SOME DETERMINANTS OF THE TARGET SHAREHOLDER PREMIUM IN TAKEOVERS', Accounting & Finance, vol. 35, no. 2, pp. 33-60.
View/Download from: Publisher's site
View description>>
AbstractWhile a considerable amount of research in Australia, the United States and elsewhere shows that takeovers create value for target shareholders, there is relatively little research investigating the explanations for cross‐sectional differences in the size of the premium paid to target shareholders. This paper tests various arguments proposed to explain some of the sources of this premium. One such explanation is the removal of inefficient target management. Takeovers have been recognised as a mechanism that allows management teams to compete for the right to manage corporate assets. We test the associations between bidder and target managerial ownership (proxied by director's holdings), the prior performance of the bidder and target and the size of the premium paid to target shareholders. Other potential influences on the premium include a reduction in the agency costs of free cash flow and the provision of financial slack or reserve borrowing capacity to the target firm by the bidder. Using a sample of seventy‐eight Australian takeovers occurring between 1981 and 1989 our tests indicate that the provision of financial slack to the target is associated with a significantly higher premium, while high bidder ownership results in a significantly lower premium. The premium is found to be positively related to the performance of the bidder in the period prior to the bid. The tests disclose an association between the agency costs of free cash flow and the target premium which is inconsistent with the theory, and reveal only weak evidence that the takeover premium is higher when inefficient target management is removed.
Lanis, R & Patel, C 1995, 'A case study of work related values in Ukraine: Implications for designing effective organizations', Ukrainian Economic Review, vol. 1, no. 1-2, pp. 64-79.
Matolcsy, ZP & Pazmandy, GP 1995, 'Predicting Half‐Yearly Accounting Income Numbers With Statistical Models', Australian Accounting Review, vol. 5, no. 10, pp. 56-63.
View/Download from: Publisher's site
View description>>
Prediction of half‐yearly accounting income numbers has an important role in investment analysis, credit ratings, budgeting, auditing and other areas of the accounting and finance profession. This study provides the Australian evidence on two issues: the statistical relationship between half‐yearly accounting income numbers such as earnings per share, net profit and sales; and the ability of statistical models to predict these numbers. The study finds that the best way to predict the next period's half‐yearly accounting income numbers is to use the immediately preceding half‐yearly income number, and for inflation‐adjusted sales the corresponding previous half‐yearly figures, or to use a statistical model based on the immediately preceding half‐yearly figure adjusted by a statistically based “smoothing constant”.
