Bugeja, M 2011, 'Foreign takeovers of Australian listed entities', AUSTRALIAN JOURNAL OF MANAGEMENT, vol. 36, no. 1, pp. 89-107.
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This study examines if Australian target firm abnormal returns and characteristics differ between Australian and foreign bidders. The results indicate that takeovers from foreign bidders are associated with higher target firm abnormal returns than bids from Australian firms. Overseas bidders also pay an additional premium for research-intensive target firms. Target firms that receive an offer from outside Australia are significantly larger, have lower leverage, and are more likely to operate in the resources sector. Foreign acquisitions are also more likely to be a friendly takeover. The relative exchange rate is not associated with the likelihood of a foreign takeover. There is no difference in takeover success or competition between domestic and foreign bids.
Bugeja, M 2011, 'Takeover premiums and the perception of auditor independence and reputation', The British Accounting Review, vol. 43, no. 4, pp. 278-293.
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This study investigates if there is a positive association between takeover premiums and the bidders perception of target firm auditor reputation and independence. Using auditor size as a proxy for auditor reputation, the results indicate that in hostile takeovers target shareholders receive a higher takeover premium when a Big 4 auditor audits the target firm prior to the takeover. This result is only significant, however, in the period prior to the highly publicised audit failures. The impact of perceived auditor independence on takeover premiums is studied using the levels and size of non-audit service (NAS) fees provided by the target firm auditor. Using three proxies for auditor independence, the results show no association between perceived auditor independence and takeover premiums. This finding is robust to partitioning the sample by auditor size, takeover hostility and splitting the sample into takeovers pre- and post- the corporate scandals that occurred in 2002.
Farook, S, Lanis, R & Hassan, KM 2011, 'Determinants of Corporate Social Responsibility Disclosure: The Case of Islamic Banks', Journal of Islamic Accounting and Business Research, vol. 2, no. 2, pp. 114-141.
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© 2011, © Emerald Group Publishing Limited. PurposeThe purpose of this paper is to develop and test a theoretical model of the determinants of Islamic banks' social disclosures. In testing the hypotheses, the level of social disclosure in Islamic banks' annual reports is gauged based on a benchmark derived from Islamic principles. Design/methodology/approachApplying the principles of systems-oriented theories such as political economy, legitimacy and stakeholder theories, as well as agency theory, hypotheses linking Islamic social disclosure and its determinants are developed. The sample comprised 47 Islamic banks in 14 countries and the data related to the dependent (Islamic banks social disclosures) variable are collected mainly from the annual reports, while data for the independent variables (determinants) are collected from various sources. Regression analysis was conducted to test the hypotheses. FindingsCorporate social responsibility (CSR) disclosure by Islamic banks varies significantly across the sample. According to the regression results, variation is best explained by the “influence of the relevant publics” and the “Shari'ah (SSB supervisory boards) corporate governance mechanism” variables. Using alternative variable measures, the regression results suggest that “level of social and political freedom” and “the proportion of investment account deposits to total assets” are also significant determinants of Islamic banks' CSR disclosure. Research limitations/implicationsThe major limitation of this paper is the small sample size of only 47 Islamic banking institutions. Future studies may expand the sample size used here. Practical implicationsThe results indicate the significance of the SSB as a governance mechanism that may increase the CSR disclosure of Islamic banks. Thus, from a policy perspective, bodies that regulate Islamic banking should consider mandating the SSB for all “Islamic banks”. Originality/valueThis research is the first to...
Ferguson, A & Scott, T 2011, 'Market reactions to Australian boutique resource investor presentations', Resources Policy, vol. 36, no. 4, pp. 330-338.
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This paper examines the market reactions to 817 investor presentations by 326 Australian resource firms and finds evidence suggesting these events are informative. Furthermore, the positive returns do not reverse over the following 15 days, which contrasts with previous investor presentation research. However, consistent with the prior literature, extended long run cumulative abnormal returns are not significantly different from zero. This paper also documents stronger reactions to first time presenting firms, presentations that are announced to the market and firms exhibiting at the Africa Downunder and Excellence in Oil & Gas conferences. There are also stronger reactions for firms with lower ownership concentration. Examining boutique resource firm investor presentations adds to the existing disclosure and dissemination literature due to the presence of relatively high information asymmetry in the extractive industries, a unique setting, which contrasts with previous studies. © 2011 Elsevier Ltd.
Ferguson, A, Clinch, G & Kean, S 2011, 'Predicting the Failure of Developmental Gold Mining Projects', Australian Accounting Review, vol. 21, no. 1, pp. 44-53.
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This paper investigates firm‐level financial and non‐financial information and their association with project failure for a sample of pre‐production gold development firms. Pre‐revenue generating ‘single project’ mining companies are chosen, since project failure is synonymous with company failure for these firms. The setting is interesting due to the high information asymmetry and limitations of the GAAP‐based Altman Z‐score in this context. A definition of project failure is applied and both financial and non‐financial predictors are compared. Failure is driven by whether the deposit is open pit or underground, and whether the cash cost of production is disclosed at feasibility completion.
Ferguson, A, Grosse, M, Kean, S & Scott, T 2011, 'Your Governance or Mine?', AUSTRALIAN ACCOUNTING REVIEW, vol. 21, no. 4, pp. 406-417.
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In response to criticism directed at the resource sector's corporate governance, this paper examines the corporate governance and underlying firm characteristics of resource development stage entities (DSEs) relative to a size-matched sample of non-resource firms. We find that resource DSEs have different governance characteristics in the measures of board independence, chair/CEO duality and CEO cash bonuses. Furthermore, there are differences in the information environment measures of analyst following, debt levels, stock market return and stock turnover. Considering we document substantial differences in underlying firm characteristics, corporate governance differences are likely appropriate to the mining industry and should not be uniformly labelled as 'bad'. Our results suggest that media rankings based on corporate governance scores may not accurately portray the resource sector. Overall, our results are of interest to Australian investors and regulators and contribute to a broader understanding of contextually contingent corporate governance. © 2011 CPA Australia.
Finn, J, Mukhtar, VY, Kennedy, DJ, Kendig, H, Bohle, P & Rawlings-Way, O 2011, 'Financial Planning for Retirement Village Living: A Qualitative Exploration', Journal of Housing For the Elderly, vol. 25, no. 2, pp. 217-242.
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This Australian exploratory study investigates the financial considerations retirees experienced before moving into a retirement village. A qualitative content analysis was undertaken on the responses of 52 retirement village residents, who were part of a much larger study on retirees' accommodation choices in 2007. The respondents were grouped according to income, and the results were compared across the following groups (self-funded retirees, partpension retirees, and full-pension retirees). Differences between the groups extended beyond affordability. Both pension groups were more anxious about the increasing costs of maintenance fees than self-funded retirees, and the importance of pensions and superannuation was also discussed. © Taylor & Francis Group, LLC.
Lanis, R & Richardson, G 2011, 'The effect of board of director composition on corporate tax aggressiveness', JOURNAL OF ACCOUNTING AND PUBLIC POLICY, vol. 30, no. 1, pp. 50-70.
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This study considers the effect of board of director composition on corporate tax aggressiveness. Our logit regression results for a choice-based sample of 32 corporations comprising 16 tax-aggressive corporations and 16 non-tax-aggressive corporations show that the inclusion of a higher proportion of outside members on the board of directors reduces the likelihood of tax aggressiveness. The ordinary least squares regression results from our sensitivity analysis of a cross-section of 401 corporations confirm our main results about board of director composition and tax aggressiveness. © 2010 Elsevier Inc.
Matthews, LR, Quinlan, M, Rawlings-Way, O & Bohle, P 2011, 'The Adequacy of Institutional Responses to Death at Work: Experiences of Surviving Families', International Journal of Disability Management, vol. 6, no. 1, pp. 37-48.
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Over 5 thousand family members and close friends of Australian workers become survivors of sudden workplace death each year. Formal responses following the death are central to surviving families' ability to adapt, yet families' experiences of these responses are unknown. This study used in-depth interviews to explore 7 surviving family members' experiences of formal workplace death mechanisms: postdeath protocols; interactions with employers, unions, media and statutory authorities; stages of legal process including coronial inquests, prosecutions by the occupational health and safety (OHS) regulator, and civil action; and outcomes of judicial proceedings. Participants identified difficulties arising from insensitive treatment by authorities, and significant bureaucratic problems, including a lack of information, communication and support. Systematic research that fully examines families' needs and identifies organisational postdeath protocols is required to advance the management of institutional responses following workplace death and thereby improve outcomes for families.
Sek & Stephen Taylor, J 2011, 'Profit or Prophet? A Case Study of the Reporting of Non-GAAP Earnings by Australian Banks', Australian Accounting Review, vol. 21, no. 4, pp. 327-339.
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Australian firms increasingly highlight earnings results that do not conform to the definition of profit under generally accepted Australian accounting principles (GAAP). We compile a detailed description of the differences between GAAP and non-GAAP earnings for each of the four largest Australian trading banks for the years 2003 to 2008. Our evidence shows that each of the major banks has a history of reporting what are typically termed 'cash earnings' or 'underlying earnings~ However, the definition of these terms is not consistent between banks, nor does it appear to be consistently applied by individual banks over time. Interestingly, the switch to Australian International Financial Reporting Standards has a noticeable impact on the definition of non-GAAP earnings. The data we summarise raises questions about the role of GAAP earnings versus non-statutory definitions of financial performance voluntarily provided by firms themselves. More broadly, the ability of firms to 'self-define' outcomes presents a significant challenge to capital market regulators such as the Australian Securities and Investments Commission.
Bond, DK, Bugeja, M & Czernkowski, RM 1970, 'Auditors and the provision of takeover advice', British Accounting and Finance Association Annual Conference 2011, British Accounting and Finance Association, Birmingham, United Kingdom.
Brown, P, Ferguson, AC & Lam, P 1970, 'Do shareholders gain from reverse takeover transactions? An analysis of the shell premium', AFAANZ Conference, AFAANZ, Darwin, Australia.
Brown, PR, Ferguson, A & Lam, P 1970, 'Do shareholders gain from reverse takeover transactions? An analysis of the shell premium', Finance and Corporate Governance Conference, La Trobe University, Melbourne, Australia.
Bugeja, M 1970, 'Takeovers and target firm financial distress', 2011 FMA European Conference, Financial Management Association International (FMA), Porto, Portugal.
Bugeja, M & Loyeung, A 1970, 'Goodwill Accounting and Takeover Premiums: Pre- and Post-IFRS', British Accounting and Finance Association Annual Conference 2012, British Accounting and Finance Association, Brighton, United Kingdom.
Bugeja, M & Sinelnikov, K 1970, 'Public versus private takeovers of stock exchange listed targets', 34th Annual Congress - European Accounting Association, European Accounting Association, Rome, Italy.
Bugeja, M, Matolcsy, ZP & Spiropoulos, H 1970, 'Are women tougher and better negotiators? Some evidence on CEO compensation', AFAANZ Conference, AFAANZ, Darwin, Australia.
Bugeja, M, Matolcsy, ZP & Spiropoulos, H 1970, 'Women in senior business roles: Evidence on two conjectures', British Accounting and Finance Association Annual Conference 2011, British Accounting and Finance Association, Birmingham, United Kingdom.
Bugeja, M, Patel, VG & Walter, TS 1970, 'The microstructure of Australian takeover announcements', Annual Conference of the Multinational Finance Society, Rome, Italy.
Ferguson, A & Lam, P 1970, 'Uranium politics: Assessing the wealth effects of the Three Mines Policy', Finance and Corporate Governance Conference, La Trobe University, Melbourne, Australia.
Loyeung, AL & Wells, PA 1970, 'IFRS implementation errors and earnings quality metrics', 34th Annual Congress - European Accounting Association, European Accounting Association, Rome, Italy.
Matolcsy, ZP, Bugeja, M & Spiropoulos, H 1970, 'Women in senior business roles: evidence on two conjectures', 34th Annual Congress - European Accounting Association, European Accounting Association, Rome, Italy.
Shan, Y, Taylor, SL & Walter, TS 1970, 'Errors in estimating unexpected accruals in the presence of large changes in net external financing', JCAE Symposium, Journal of Contemporary Accounting and Economics, Hong Kong.
Shan, Y, Taylor, SL & Walter, TS 1970, 'Errors in estimating unexpected accruals in the presence of large changes in net external financing', Finance and Corporate Governance Conference, La Trobe University, Melbourne, Australia.
Taylor, SL, Shan, Y & Walter, TS 1970, 'Errors in estimating unexpected accruals in the presence of large changes in net external financing', 34th Annual Congress - European Accounting Association, European Accounting Association, Rome, Italy.
Wakefield, JA, Frawley, JK, Dyson, LE, Tyler, JV & Litchfield, AJ 1970, 'Increasing Student Engagement and Performance in Introductory Accounting through Student-Generated Screencasts', AFAANZ Conference, Accounting and Finance Association of Australia and New Zealand Conference, AFAANZ, Darwin, Australia, pp. 1-27.
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The paper reports the findings of a trial of student generated screencasts in an introductory accounting subject. This paper examines the effect of this screencast project on student engagement and performance. The effect on student engagement is examined using data from a pre and post screencast project student survey and performance effects examined by analysing the performance of students completing and not completing the project. The results of the study suggest the screencast project facilitated higher student engagement and performance. These findings have important implications for integrating technologies such as screencasting to facilitate enhanced learning outcomes in introductory accounting subjects.
